Correlation Between AVIC Fund and Shenyang Chemical
Specify exactly 2 symbols:
By analyzing existing cross correlation between AVIC Fund Management and Shenyang Chemical Industry, you can compare the effects of market volatilities on AVIC Fund and Shenyang Chemical 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 AVIC Fund with a short position of Shenyang Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Shenyang Chemical.
Diversification Opportunities for AVIC Fund and Shenyang Chemical
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between AVIC and Shenyang is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Shenyang Chemical Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Chemical and AVIC 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 AVIC Fund Management are associated (or correlated) with Shenyang Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Chemical has no effect on the direction of AVIC Fund i.e., AVIC Fund and Shenyang Chemical go up and down completely randomly.
Pair Corralation between AVIC Fund and Shenyang Chemical
Assuming the 90 days trading horizon AVIC Fund Management is expected to generate 0.16 times more return on investment than Shenyang Chemical. However, AVIC Fund Management is 6.32 times less risky than Shenyang Chemical. It trades about 0.61 of its potential returns per unit of risk. Shenyang Chemical Industry is currently generating about -0.21 per unit of risk. If you would invest 1,021 in AVIC Fund Management on October 12, 2024 and sell it today you would earn a total of 81.00 from holding AVIC Fund Management or generate 7.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Shenyang Chemical Industry
Performance |
| Timeline |
| AVIC Fund Management |
| Shenyang Chemical |
AVIC Fund and Shenyang Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Shenyang Chemical
The main advantage of trading using opposite AVIC Fund and Shenyang Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Shenyang Chemical 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 Shenyang Chemical will offset losses from the drop in Shenyang Chemical's long position.| AVIC Fund vs. Shenzhen Glory Medical | AVIC Fund vs. Chongqing Brewery Co | AVIC Fund vs. Hengkang Medical Group | AVIC Fund vs. CSSC Offshore Marine |
| Shenyang Chemical vs. Semiconductor Manufacturing Intl | Shenyang Chemical vs. China Asset Management | Shenyang Chemical vs. Huaxia Fund Management | Shenyang Chemical vs. AVIC Fund Management |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |