Correlation Between CICC Fund and Shanghai Xinhua
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By analyzing existing cross correlation between CICC Fund Management and Shanghai Xinhua Media, you can compare the effects of market volatilities on CICC Fund and Shanghai Xinhua 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 Shanghai Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Shanghai Xinhua.
Diversification Opportunities for CICC Fund and Shanghai Xinhua
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CICC and Shanghai is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Shanghai Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Xinhua Media 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 Shanghai Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Xinhua Media has no effect on the direction of CICC Fund i.e., CICC Fund and Shanghai Xinhua go up and down completely randomly.
Pair Corralation between CICC Fund and Shanghai Xinhua
Assuming the 90 days trading horizon CICC Fund is expected to generate 1.62 times less return on investment than Shanghai Xinhua. But when comparing it to its historical volatility, CICC Fund Management is 4.58 times less risky than Shanghai Xinhua. It trades about 0.16 of its potential returns per unit of risk. Shanghai Xinhua Media is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 488.00 in Shanghai Xinhua Media on September 3, 2024 and sell it today you would earn a total of 200.00 from holding Shanghai Xinhua Media or generate 40.98% 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. Shanghai Xinhua Media
Performance |
| Timeline |
| CICC Fund Management |
| Shanghai Xinhua Media |
CICC Fund and Shanghai Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Shanghai Xinhua
The main advantage of trading using opposite CICC Fund and Shanghai Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Shanghai Xinhua 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 Shanghai Xinhua will offset losses from the drop in Shanghai Xinhua'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 |
| Shanghai Xinhua vs. Anhui Transport Consulting | Shanghai Xinhua vs. Jiangxi Naipu Mining | Shanghai Xinhua vs. Shengda Mining Co | Shanghai Xinhua vs. Broadex Technologies 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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