Correlation Between AVIC Fund and CICT Mobile
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By analyzing existing cross correlation between AVIC Fund Management and CICT Mobile Communication, you can compare the effects of market volatilities on AVIC Fund and CICT Mobile 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 CICT Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and CICT Mobile.
Diversification Opportunities for AVIC Fund and CICT Mobile
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between AVIC and CICT is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and CICT Mobile Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CICT Mobile Communication 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 CICT Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CICT Mobile Communication has no effect on the direction of AVIC Fund i.e., AVIC Fund and CICT Mobile go up and down completely randomly.
Pair Corralation between AVIC Fund and CICT Mobile
Assuming the 90 days trading horizon AVIC Fund Management is expected to generate 0.1 times more return on investment than CICT Mobile. However, AVIC Fund Management is 10.14 times less risky than CICT Mobile. It trades about 0.16 of its potential returns per unit of risk. CICT Mobile Communication is currently generating about -0.04 per unit of risk. If you would invest 995.00 in AVIC Fund Management on August 25, 2024 and sell it today you would earn a total of 11.00 from holding AVIC Fund Management or generate 1.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. CICT Mobile Communication
Performance |
| Timeline |
| AVIC Fund Management |
| CICT Mobile Communication |
AVIC Fund and CICT Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and CICT Mobile
The main advantage of trading using opposite AVIC Fund and CICT Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, CICT Mobile 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 CICT Mobile will offset losses from the drop in CICT Mobile'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 |
| CICT Mobile vs. Shenzhen MYS Environmental | CICT Mobile vs. AVIC Fund Management | CICT Mobile vs. Shenzhen Bingchuan Network | CICT Mobile 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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