Correlation Between CICC Fund and Allgens Medical
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By analyzing existing cross correlation between CICC Fund Management and Allgens Medical Technology, you can compare the effects of market volatilities on CICC Fund and Allgens 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 Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Allgens Medical.
Diversification Opportunities for CICC Fund and Allgens Medical
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between CICC and Allgens is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech 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 Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of CICC Fund i.e., CICC Fund and Allgens Medical go up and down completely randomly.
Pair Corralation between CICC Fund and Allgens Medical
Assuming the 90 days trading horizon CICC Fund Management is expected to generate 0.29 times more return on investment than Allgens Medical. However, CICC Fund Management is 3.47 times less risky than Allgens Medical. It trades about 0.08 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about -0.02 per unit of risk. If you would invest 280.00 in CICC Fund Management on October 27, 2024 and sell it today you would earn a total of 108.00 from holding CICC Fund Management or generate 38.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CICC Fund Management vs. Allgens Medical Technology
Performance |
| Timeline |
| CICC Fund Management |
| Allgens Medical Tech |
CICC Fund and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CICC Fund and Allgens Medical
The main advantage of trading using opposite CICC Fund and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Allgens 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 Allgens Medical will offset losses from the drop in Allgens 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 |
| Allgens Medical vs. APT Medical | Allgens Medical vs. Innovative Medical Management | Allgens Medical vs. Gansu Huangtai Wine marketing | Allgens Medical vs. Tinavi Medical Technologies |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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