Correlation Between AVIC Fund and Chengdu Spaceon
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By analyzing existing cross correlation between AVIC Fund Management and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on AVIC Fund and Chengdu Spaceon 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 Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Chengdu Spaceon.
Diversification Opportunities for AVIC Fund and Chengdu Spaceon
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AVIC and Chengdu is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of AVIC Fund i.e., AVIC Fund and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between AVIC Fund and Chengdu Spaceon
Assuming the 90 days trading horizon AVIC Fund Management is expected to generate 0.27 times more return on investment than Chengdu Spaceon. However, AVIC Fund Management is 3.64 times less risky than Chengdu Spaceon. It trades about 0.05 of its potential returns per unit of risk. Chengdu Spaceon Electronics is currently generating about 0.0 per unit of risk. If you would invest 884.00 in AVIC Fund Management on August 25, 2024 and sell it today you would earn a total of 122.00 from holding AVIC Fund Management or generate 13.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 84.1% |
| Values | Daily Returns |
AVIC Fund Management vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| AVIC Fund Management |
| Chengdu Spaceon Elec |
AVIC Fund and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Chengdu Spaceon
The main advantage of trading using opposite AVIC Fund and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| AVIC Fund vs. Guangzhou Automobile Group | AVIC Fund vs. Weichai Heavy Machinery | AVIC Fund vs. Anhui Huilong Agricultural | AVIC Fund vs. Haima Automobile Group |
| Chengdu Spaceon vs. UE Furniture Co | Chengdu Spaceon vs. Ningbo MedicalSystem Biotechnology | Chengdu Spaceon vs. Shandong Homey Aquatic | Chengdu Spaceon vs. Der International Home |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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