Correlation Between CICC Fund and Mingchen Health
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By analyzing existing cross correlation between CICC Fund Management and Mingchen Health Co, you can compare the effects of market volatilities on CICC Fund and Mingchen Health 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 Mingchen Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Mingchen Health.
Diversification Opportunities for CICC Fund and Mingchen Health
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CICC and Mingchen is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Mingchen Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mingchen Health 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 Mingchen Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mingchen Health has no effect on the direction of CICC Fund i.e., CICC Fund and Mingchen Health go up and down completely randomly.
Pair Corralation between CICC Fund and Mingchen Health
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.22 times more return on investment than Mingchen Health. However, CICC Fund Management is 4.46 times less risky than Mingchen Health. It trades about 0.27 of its potential returns per unit of risk. Mingchen Health Co is currently generating about 0.0 per unit of risk. If you would invest 368.00 in CICC Fund Management on October 21, 2024 and sell it today you would earn a total of 19.00 from holding CICC Fund Management or generate 5.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Mingchen Health Co
Performance |
| Timeline |
| CICC Fund Management |
| Mingchen Health |
CICC Fund and Mingchen Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Mingchen Health
The main advantage of trading using opposite CICC Fund and Mingchen Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Mingchen Health 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 Mingchen Health will offset losses from the drop in Mingchen Health's long position.| CICC Fund vs. Iat Automobile Technology | CICC Fund vs. Wuxi Chemical Equipment | CICC Fund vs. Shenyang Chemical Industry | CICC Fund vs. Dymatic Chemicals |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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