Correlation Between CICC Fund and BrightGene Bio
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By analyzing existing cross correlation between CICC Fund Management and BrightGene Bio Medical, you can compare the effects of market volatilities on CICC Fund and BrightGene Bio 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 BrightGene Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and BrightGene Bio.
Diversification Opportunities for CICC Fund and BrightGene Bio
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CICC and BrightGene is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and BrightGene Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BrightGene Bio 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 BrightGene Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BrightGene Bio Medical has no effect on the direction of CICC Fund i.e., CICC Fund and BrightGene Bio go up and down completely randomly.
Pair Corralation between CICC Fund and BrightGene Bio
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.52 times more return on investment than BrightGene Bio. However, CICC Fund Management is 1.92 times less risky than BrightGene Bio. It trades about 0.35 of its potential returns per unit of risk. BrightGene Bio Medical is currently generating about -0.02 per unit of risk. If you would invest 327.00 in CICC Fund Management on October 30, 2024 and sell it today you would earn a total of 63.00 from holding CICC Fund Management or generate 19.27% 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. BrightGene Bio Medical
Performance |
| Timeline |
| CICC Fund Management |
| BrightGene Bio Medical |
CICC Fund and BrightGene Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and BrightGene Bio
The main advantage of trading using opposite CICC Fund and BrightGene Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, BrightGene Bio 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 BrightGene Bio will offset losses from the drop in BrightGene Bio'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 |
| BrightGene Bio vs. Guangzhou Dongfang Hotel | BrightGene Bio vs. Tianshui Huatian Technology | BrightGene Bio vs. Jiujiang Shanshui Technology | BrightGene Bio vs. Jiangsu Financial Leasing |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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