Correlation Between AVIC Fund and Nanjing Canatal
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By analyzing existing cross correlation between AVIC Fund Management and Nanjing Canatal Data, you can compare the effects of market volatilities on AVIC Fund and Nanjing Canatal 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 Nanjing Canatal. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Nanjing Canatal.
Diversification Opportunities for AVIC Fund and Nanjing Canatal
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AVIC and Nanjing is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Nanjing Canatal Data in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Canatal Data 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 Nanjing Canatal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Canatal Data has no effect on the direction of AVIC Fund i.e., AVIC Fund and Nanjing Canatal go up and down completely randomly.
Pair Corralation between AVIC Fund and Nanjing Canatal
Assuming the 90 days trading horizon AVIC Fund Management is expected to generate 0.14 times more return on investment than Nanjing Canatal. However, AVIC Fund Management is 6.91 times less risky than Nanjing Canatal. It trades about 0.23 of its potential returns per unit of risk. Nanjing Canatal Data is currently generating about 0.03 per unit of risk. If you would invest 1,067 in AVIC Fund Management on November 3, 2024 and sell it today you would earn a total of 32.00 from holding AVIC Fund Management or generate 3.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Nanjing Canatal Data
Performance |
| Timeline |
| AVIC Fund Management |
| Nanjing Canatal Data |
AVIC Fund and Nanjing Canatal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Nanjing Canatal
The main advantage of trading using opposite AVIC Fund and Nanjing Canatal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Nanjing Canatal 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 Nanjing Canatal will offset losses from the drop in Nanjing Canatal's long position.| AVIC Fund vs. Fujian Wanchen Biotechnology | AVIC Fund vs. Maccura Biotechnology Co | AVIC Fund vs. China Sports Industry | AVIC Fund vs. Ningbo MedicalSystem Biotechnology |
| Nanjing Canatal vs. Sinomach Automobile Co | Nanjing Canatal vs. Bank of Communications | Nanjing Canatal vs. Heilongjiang Transport Development | Nanjing Canatal vs. Peoples Insurance of |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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