Correlation Between CICC Fund and GRINM Semiconductor
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By analyzing existing cross correlation between CICC Fund Management and GRINM Semiconductor Materials, you can compare the effects of market volatilities on CICC Fund and GRINM Semiconductor 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 GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and GRINM Semiconductor.
Diversification Opportunities for CICC Fund and GRINM Semiconductor
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CICC and GRINM is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor 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 GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of CICC Fund i.e., CICC Fund and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between CICC Fund and GRINM Semiconductor
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.72 times more return on investment than GRINM Semiconductor. However, CICC Fund Management is 1.39 times less risky than GRINM Semiconductor. It trades about 0.4 of its potential returns per unit of risk. GRINM Semiconductor Materials is currently generating about -0.42 per unit of risk. If you would invest 343.00 in CICC Fund Management on October 11, 2024 and sell it today you would earn a total of 43.00 from holding CICC Fund Management or generate 12.54% 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. GRINM Semiconductor Materials
Performance |
Timeline |
CICC Fund Management |
GRINM Semiconductor |
CICC Fund and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CICC Fund and GRINM Semiconductor
The main advantage of trading using opposite CICC Fund and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.CICC Fund vs. CITIC Metal Co | CICC Fund vs. Zoje Resources Investment | CICC Fund vs. ZYF Lopsking Aluminum | CICC Fund vs. Rising Nonferrous Metals |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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