Correlation Between CICC Fund and Xinjiang Beixin
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By analyzing existing cross correlation between CICC Fund Management and Xinjiang Beixin RoadBridge, you can compare the effects of market volatilities on CICC Fund and Xinjiang Beixin 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 Xinjiang Beixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Xinjiang Beixin.
Diversification Opportunities for CICC Fund and Xinjiang Beixin
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between CICC and Xinjiang is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Xinjiang Beixin RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Beixin Road 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 Xinjiang Beixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Beixin Road has no effect on the direction of CICC Fund i.e., CICC Fund and Xinjiang Beixin go up and down completely randomly.
Pair Corralation between CICC Fund and Xinjiang Beixin
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.21 times more return on investment than Xinjiang Beixin. However, CICC Fund Management is 4.81 times less risky than Xinjiang Beixin. It trades about 0.21 of its potential returns per unit of risk. Xinjiang Beixin RoadBridge is currently generating about -0.1 per unit of risk. If you would invest 367.00 in CICC Fund Management on October 18, 2024 and sell it today you would earn a total of 15.00 from holding CICC Fund Management or generate 4.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Xinjiang Beixin RoadBridge
Performance |
| Timeline |
| CICC Fund Management |
| Xinjiang Beixin Road |
CICC Fund and Xinjiang Beixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Xinjiang Beixin
The main advantage of trading using opposite CICC Fund and Xinjiang Beixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Xinjiang Beixin 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 Xinjiang Beixin will offset losses from the drop in Xinjiang Beixin's long position.| CICC Fund vs. Beijing Enlight Media | CICC Fund vs. Threes Company Media | CICC Fund vs. Huayi Brothers Media | CICC Fund vs. Yili Chuanning Biotechnology |
| Xinjiang Beixin vs. AVIC Fund Management | Xinjiang Beixin vs. CICC Fund Management | Xinjiang Beixin vs. Sichuan Yahua Industrial | Xinjiang Beixin vs. Gem Year Industrial Co |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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