Correlation Between CICC Fund and Cowealth Medical
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By analyzing existing cross correlation between CICC Fund Management and Cowealth Medical China, you can compare the effects of market volatilities on CICC Fund and Cowealth Medical 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 Cowealth Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Cowealth Medical.
Diversification Opportunities for CICC Fund and Cowealth Medical
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CICC and Cowealth is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Cowealth Medical China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowealth Medical China 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 Cowealth Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowealth Medical China has no effect on the direction of CICC Fund i.e., CICC Fund and Cowealth Medical go up and down completely randomly.
Pair Corralation between CICC Fund and Cowealth Medical
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.28 times more return on investment than Cowealth Medical. However, CICC Fund Management is 3.58 times less risky than Cowealth Medical. It trades about 0.09 of its potential returns per unit of risk. Cowealth Medical China is currently generating about -0.02 per unit of risk. If you would invest 280.00 in CICC Fund Management on October 30, 2024 and sell it today you would earn a total of 110.00 from holding CICC Fund Management or generate 39.29% 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. Cowealth Medical China
Performance |
| Timeline |
| CICC Fund Management |
| Cowealth Medical China |
CICC Fund and Cowealth Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Cowealth Medical
The main advantage of trading using opposite CICC Fund and Cowealth Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Cowealth Medical 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 Cowealth Medical will offset losses from the drop in Cowealth Medical'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 |
| Cowealth Medical vs. Road Environment Technology | Cowealth Medical vs. Tianjin Hi Tech Development | Cowealth Medical vs. Heilongjiang Transport Development | Cowealth Medical vs. Shaanxi Broadcast TV |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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