Correlation Between CICC Fund and Shanghai Sanyou
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By analyzing existing cross correlation between CICC Fund Management and Shanghai Sanyou Medical, you can compare the effects of market volatilities on CICC Fund and Shanghai Sanyou 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 Sanyou. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Shanghai Sanyou.
Diversification Opportunities for CICC Fund and Shanghai Sanyou
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between CICC and Shanghai is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Shanghai Sanyou Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Sanyou Medical 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 Sanyou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Sanyou Medical has no effect on the direction of CICC Fund i.e., CICC Fund and Shanghai Sanyou go up and down completely randomly.
Pair Corralation between CICC Fund and Shanghai Sanyou
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.29 times more return on investment than Shanghai Sanyou. However, CICC Fund Management is 3.46 times less risky than Shanghai Sanyou. It trades about 0.06 of its potential returns per unit of risk. Shanghai Sanyou Medical is currently generating about 0.01 per unit of risk. If you would invest 284.00 in CICC Fund Management on September 14, 2024 and sell it today you would earn a total of 67.00 from holding CICC Fund Management or generate 23.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Shanghai Sanyou Medical
Performance |
| Timeline |
| CICC Fund Management |
| Shanghai Sanyou Medical |
CICC Fund and Shanghai Sanyou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Shanghai Sanyou
The main advantage of trading using opposite CICC Fund and Shanghai Sanyou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Shanghai Sanyou 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 Sanyou will offset losses from the drop in Shanghai Sanyou'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 |
| Shanghai Sanyou vs. Industrial and Commercial | Shanghai Sanyou vs. Kweichow Moutai Co | Shanghai Sanyou vs. Agricultural Bank of | Shanghai Sanyou vs. China Mobile Limited |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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