Correlation Between CICC Fund and Guangzhou Tinci
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By analyzing existing cross correlation between CICC Fund Management and Guangzhou Tinci Materials, you can compare the effects of market volatilities on CICC Fund and Guangzhou Tinci 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 Guangzhou Tinci. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Guangzhou Tinci.
Diversification Opportunities for CICC Fund and Guangzhou Tinci
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CICC and Guangzhou is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Guangzhou Tinci Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Tinci Materials 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 Guangzhou Tinci. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Tinci Materials has no effect on the direction of CICC Fund i.e., CICC Fund and Guangzhou Tinci go up and down completely randomly.
Pair Corralation between CICC Fund and Guangzhou Tinci
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.29 times more return on investment than Guangzhou Tinci. However, CICC Fund Management is 3.49 times less risky than Guangzhou Tinci. It trades about 0.3 of its potential returns per unit of risk. Guangzhou Tinci Materials is currently generating about -0.08 per unit of risk. If you would invest 320.00 in CICC Fund Management on September 12, 2024 and sell it today you would earn a total of 23.00 from holding CICC Fund Management or generate 7.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Guangzhou Tinci Materials
Performance |
| Timeline |
| CICC Fund Management |
| Guangzhou Tinci Materials |
CICC Fund and Guangzhou Tinci Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Guangzhou Tinci
The main advantage of trading using opposite CICC Fund and Guangzhou Tinci positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Guangzhou Tinci 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 Guangzhou Tinci will offset losses from the drop in Guangzhou Tinci's long position.| CICC Fund vs. Kweichow Moutai Co | CICC Fund vs. Agricultural Bank of | CICC Fund vs. China Mobile Limited | CICC Fund vs. China Construction Bank |
| Guangzhou Tinci vs. Zijin Mining Group | Guangzhou Tinci vs. Wanhua Chemical Group | Guangzhou Tinci vs. Baoshan Iron Steel | Guangzhou Tinci vs. Rongsheng Petrochemical 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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