Correlation Between AVIC Fund and Songz Automobile
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By analyzing existing cross correlation between AVIC Fund Management and Songz Automobile Air, you can compare the effects of market volatilities on AVIC Fund and Songz Automobile 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 Songz Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Songz Automobile.
Diversification Opportunities for AVIC Fund and Songz Automobile
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AVIC and Songz is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Songz Automobile Air in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Songz Automobile Air 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 Songz Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Songz Automobile Air has no effect on the direction of AVIC Fund i.e., AVIC Fund and Songz Automobile go up and down completely randomly.
Pair Corralation between AVIC Fund and Songz Automobile
Assuming the 90 days trading horizon AVIC Fund Management is expected to generate 0.28 times more return on investment than Songz Automobile. However, AVIC Fund Management is 3.62 times less risky than Songz Automobile. It trades about 0.43 of its potential returns per unit of risk. Songz Automobile Air is currently generating about -0.15 per unit of risk. If you would invest 1,032 in AVIC Fund Management on October 17, 2024 and sell it today you would earn a total of 62.00 from holding AVIC Fund Management or generate 6.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Songz Automobile Air
Performance |
| Timeline |
| AVIC Fund Management |
| Songz Automobile Air |
AVIC Fund and Songz Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Songz Automobile
The main advantage of trading using opposite AVIC Fund and Songz Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Songz Automobile 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 Songz Automobile will offset losses from the drop in Songz Automobile's long position.| AVIC Fund vs. Anhui Jianghuai Automobile | AVIC Fund vs. Vanfund Urban Investment | AVIC Fund vs. Hunan Investment Group | AVIC Fund vs. Chengdu Xingrong Investment |
| Songz Automobile vs. PKU HealthCare Corp | Songz Automobile vs. Humanwell Healthcare Group | Songz Automobile vs. Everjoy Health Group | Songz Automobile vs. Anhui Huaren Health |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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