Correlation Between CICC Fund and Shenzhen Glory
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By analyzing existing cross correlation between CICC Fund Management and Shenzhen Glory Medical, you can compare the effects of market volatilities on CICC Fund and Shenzhen Glory 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 Shenzhen Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Shenzhen Glory.
Diversification Opportunities for CICC Fund and Shenzhen Glory
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CICC and Shenzhen is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Shenzhen Glory Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Glory 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 Shenzhen Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Glory Medical has no effect on the direction of CICC Fund i.e., CICC Fund and Shenzhen Glory go up and down completely randomly.
Pair Corralation between CICC Fund and Shenzhen Glory
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.4 times more return on investment than Shenzhen Glory. However, CICC Fund Management is 2.51 times less risky than Shenzhen Glory. It trades about 0.28 of its potential returns per unit of risk. Shenzhen Glory Medical is currently generating about -0.16 per unit of risk. If you would invest 368.00 in CICC Fund Management on October 28, 2024 and sell it today you would earn a total of 20.00 from holding CICC Fund Management or generate 5.43% 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. Shenzhen Glory Medical
Performance |
| Timeline |
| CICC Fund Management |
| Shenzhen Glory Medical |
CICC Fund and Shenzhen Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Shenzhen Glory
The main advantage of trading using opposite CICC Fund and Shenzhen Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Shenzhen Glory 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 Shenzhen Glory will offset losses from the drop in Shenzhen Glory'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 |
| Shenzhen Glory vs. China Petroleum Chemical | Shenzhen Glory vs. PetroChina Co Ltd | Shenzhen Glory vs. China State Construction | Shenzhen Glory vs. China Railway Group |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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