Correlation Between CICC Fund and Tonghua Grape
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By analyzing existing cross correlation between CICC Fund Management and Tonghua Grape Wine, you can compare the effects of market volatilities on CICC Fund and Tonghua Grape 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 Tonghua Grape. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Tonghua Grape.
Diversification Opportunities for CICC Fund and Tonghua Grape
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CICC and Tonghua is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Tonghua Grape Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tonghua Grape Wine 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 Tonghua Grape. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tonghua Grape Wine has no effect on the direction of CICC Fund i.e., CICC Fund and Tonghua Grape go up and down completely randomly.
Pair Corralation between CICC Fund and Tonghua Grape
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.35 times more return on investment than Tonghua Grape. However, CICC Fund Management is 2.89 times less risky than Tonghua Grape. It trades about 0.09 of its potential returns per unit of risk. Tonghua Grape Wine is currently generating about -0.03 per unit of risk. If you would invest 274.00 in CICC Fund Management on October 15, 2024 and sell it today you would earn a total of 115.00 from holding CICC Fund Management or generate 41.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Tonghua Grape Wine
Performance |
| Timeline |
| CICC Fund Management |
| Tonghua Grape Wine |
CICC Fund and Tonghua Grape Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Tonghua Grape
The main advantage of trading using opposite CICC Fund and Tonghua Grape positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Tonghua Grape 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 Tonghua Grape will offset losses from the drop in Tonghua Grape's long position.| CICC Fund vs. Nanjing OLO Home | CICC Fund vs. Suzhou Weizhixiang Food | CICC Fund vs. DO Home Collection | CICC Fund vs. Jiajia Food Group |
| Tonghua Grape vs. Peoples Insurance of | Tonghua Grape vs. Guangdong Jingyi Metal | Tonghua Grape vs. China Minmetals Rare | Tonghua Grape vs. Hengli Industrial Development |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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