Correlation Between Shanghai Jinfeng and CICC Fund
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By analyzing existing cross correlation between Shanghai Jinfeng Wine and CICC Fund Management, you can compare the effects of market volatilities on Shanghai Jinfeng and CICC Fund 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 Shanghai Jinfeng with a short position of CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Jinfeng and CICC Fund.
Diversification Opportunities for Shanghai Jinfeng and CICC Fund
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shanghai and CICC is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Jinfeng Wine and CICC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CICC Fund Management and Shanghai Jinfeng 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 Shanghai Jinfeng Wine are associated (or correlated) with CICC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CICC Fund Management has no effect on the direction of Shanghai Jinfeng i.e., Shanghai Jinfeng and CICC Fund go up and down completely randomly.
Pair Corralation between Shanghai Jinfeng and CICC Fund
Assuming the 90 days trading horizon Shanghai Jinfeng Wine is expected to generate 3.68 times more return on investment than CICC Fund. However, Shanghai Jinfeng is 3.68 times more volatile than CICC Fund Management. It trades about 0.19 of its potential returns per unit of risk. CICC Fund Management is currently generating about -0.02 per unit of risk. If you would invest 440.00 in Shanghai Jinfeng Wine on September 2, 2024 and sell it today you would earn a total of 154.00 from holding Shanghai Jinfeng Wine or generate 35.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Jinfeng Wine vs. CICC Fund Management
Performance |
| Timeline |
| Shanghai Jinfeng Wine |
| CICC Fund Management |
Shanghai Jinfeng and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Jinfeng and CICC Fund
The main advantage of trading using opposite Shanghai Jinfeng and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Jinfeng position performs unexpectedly, CICC Fund 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 CICC Fund will offset losses from the drop in CICC Fund's long position.| Shanghai Jinfeng vs. China Petroleum Chemical | Shanghai Jinfeng vs. PetroChina Co Ltd | Shanghai Jinfeng vs. China State Construction | Shanghai Jinfeng vs. China Railway Group |
| CICC Fund vs. Easyhome New Retail | CICC Fund vs. Huaxia Fund Management | CICC Fund vs. Shanghai CEO Environmental | CICC Fund vs. Guangzhou Zhujiang Brewery |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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