Correlation Between China Fund and Tianshan Aluminum
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By analyzing existing cross correlation between China Fund Management and Tianshan Aluminum Group, you can compare the effects of market volatilities on China Fund and Tianshan Aluminum and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in China Fund with a short position of Tianshan Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Fund and Tianshan Aluminum.
Diversification Opportunities for China Fund and Tianshan Aluminum
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and Tianshan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Fund Management and Tianshan Aluminum Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshan Aluminum and China Fund is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on China Fund Management are associated (or correlated) with Tianshan Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshan Aluminum has no effect on the direction of China Fund i.e., China Fund and Tianshan Aluminum go up and down completely randomly.
Pair Corralation between China Fund and Tianshan Aluminum
If you would invest 777.00 in Tianshan Aluminum Group on November 19, 2024 and sell it today you would earn a total of 99.00 from holding Tianshan Aluminum Group or generate 12.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.21% |
| Values | Daily Returns |
China Fund Management vs. Tianshan Aluminum Group
Performance |
| Timeline |
| China Fund Management |
Risk-Adjusted Performance
Strong
Weak | Strong |
| Tianshan Aluminum |
China Fund and Tianshan Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Fund and Tianshan Aluminum
The main advantage of trading using opposite China Fund and Tianshan Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Fund position performs unexpectedly, Tianshan Aluminum can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Tianshan Aluminum will offset losses from the drop in Tianshan Aluminum's long position.| China Fund vs. Xinhua Winshare Publishing | China Fund vs. China Building Material | China Fund vs. Advanced Technology Materials | China Fund vs. Heilongjiang Publishing Media |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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