Correlation Between AVIC Fund and Shanghai Yaoji
Specify exactly 2 symbols:
By analyzing existing cross correlation between AVIC Fund Management and Shanghai Yaoji Playing, you can compare the effects of market volatilities on AVIC Fund and Shanghai Yaoji 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 Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Shanghai Yaoji.
Diversification Opportunities for AVIC Fund and Shanghai Yaoji
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between AVIC and Shanghai is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing 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 Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of AVIC Fund i.e., AVIC Fund and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between AVIC Fund and Shanghai Yaoji
Assuming the 90 days trading horizon AVIC Fund is expected to generate 4.9 times less return on investment than Shanghai Yaoji. But when comparing it to its historical volatility, AVIC Fund Management is 17.58 times less risky than Shanghai Yaoji. It trades about 0.31 of its potential returns per unit of risk. Shanghai Yaoji Playing is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,814 in Shanghai Yaoji Playing on August 29, 2024 and sell it today you would earn a total of 185.00 from holding Shanghai Yaoji Playing or generate 6.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Shanghai Yaoji Playing
Performance |
| Timeline |
| AVIC Fund Management |
| Shanghai Yaoji Playing |
AVIC Fund and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Shanghai Yaoji
The main advantage of trading using opposite AVIC Fund and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's long position.| AVIC Fund vs. Suzhou Mingzhi Technology | AVIC Fund vs. Ningbo Tech Bank Co | AVIC Fund vs. GRG Banking Equipment | AVIC Fund vs. Fujian Newland Computer |
| Shanghai Yaoji vs. Shenzhen MYS Environmental | Shanghai Yaoji vs. AVIC Fund Management | Shanghai Yaoji vs. Shenzhen Bingchuan Network | Shanghai Yaoji vs. Penghua Shenzhen Energy |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |