Correlation Between AVIC Fund and Qingdao Hi
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By analyzing existing cross correlation between AVIC Fund Management and Qingdao Hi Tech Moulds, you can compare the effects of market volatilities on AVIC Fund and Qingdao Hi 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 Qingdao Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Qingdao Hi.
Diversification Opportunities for AVIC Fund and Qingdao Hi
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AVIC and Qingdao is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Qingdao Hi Tech Moulds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Hi Tech 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 Qingdao Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Hi Tech has no effect on the direction of AVIC Fund i.e., AVIC Fund and Qingdao Hi go up and down completely randomly.
Pair Corralation between AVIC Fund and Qingdao Hi
Assuming the 90 days trading horizon AVIC Fund is expected to generate 1.08 times less return on investment than Qingdao Hi. But when comparing it to its historical volatility, AVIC Fund Management is 6.0 times less risky than Qingdao Hi. It trades about 0.07 of its potential returns per unit of risk. Qingdao Hi Tech Moulds is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,231 in Qingdao Hi Tech Moulds on October 16, 2024 and sell it today you would lose (327.00) from holding Qingdao Hi Tech Moulds or give up 14.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.21% |
| Values | Daily Returns |
AVIC Fund Management vs. Qingdao Hi Tech Moulds
Performance |
| Timeline |
| AVIC Fund Management |
| Qingdao Hi Tech |
AVIC Fund and Qingdao Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Qingdao Hi
The main advantage of trading using opposite AVIC Fund and Qingdao Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Qingdao Hi 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 Qingdao Hi will offset losses from the drop in Qingdao Hi's long position.| AVIC Fund vs. Jiajia Food Group | AVIC Fund vs. Jinxiandai Information Industry | AVIC Fund vs. Hygon Information Technology | AVIC Fund vs. Sharetronic Data Technology |
| Qingdao Hi vs. AVIC Fund Management | Qingdao Hi vs. Xiangyang Automobile Bearing | Qingdao Hi vs. State Grid InformationCommunication | Qingdao Hi vs. Sunwave Communications Co |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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