Correlation Between CICC Fund and Innovative Medical
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By analyzing existing cross correlation between CICC Fund Management and Innovative Medical Management, you can compare the effects of market volatilities on CICC Fund and Innovative Medical 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 CICC Fund with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Innovative Medical.
Diversification Opportunities for CICC Fund and Innovative Medical
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CICC and Innovative is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and CICC 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 CICC Fund Management are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of CICC Fund i.e., CICC Fund and Innovative Medical go up and down completely randomly.
Pair Corralation between CICC Fund and Innovative Medical
Assuming the 90 days trading horizon CICC Fund is expected to generate 4.11 times less return on investment than Innovative Medical. But when comparing it to its historical volatility, CICC Fund Management is 6.7 times less risky than Innovative Medical. It trades about 0.17 of its potential returns per unit of risk. Innovative Medical Management is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 765.00 in Innovative Medical Management on August 28, 2024 and sell it today you would earn a total of 73.00 from holding Innovative Medical Management or generate 9.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Innovative Medical Management
Performance |
| Timeline |
| CICC Fund Management |
| Innovative Medical |
CICC Fund and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Innovative Medical
The main advantage of trading using opposite CICC Fund and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Innovative Medical 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| CICC Fund vs. Industrial and Commercial | CICC Fund vs. Kweichow Moutai Co | CICC Fund vs. Agricultural Bank of | CICC Fund vs. China Mobile Limited |
| Innovative Medical vs. Industrial and Commercial | Innovative Medical vs. China Construction Bank | Innovative Medical vs. Agricultural Bank of | Innovative Medical vs. Bank of China |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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