Correlation Between CITIC Metal and CICC Fund
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By analyzing existing cross correlation between CITIC Metal Co and CICC Fund Management, you can compare the effects of market volatilities on CITIC Metal 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 CITIC Metal with a short position of CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Metal and CICC Fund.
Diversification Opportunities for CITIC Metal and CICC Fund
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CITIC and CICC is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Metal Co 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 CITIC Metal 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 CITIC Metal Co 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 CITIC Metal i.e., CITIC Metal and CICC Fund go up and down completely randomly.
Pair Corralation between CITIC Metal and CICC Fund
Assuming the 90 days trading horizon CITIC Metal Co is expected to under-perform the CICC Fund. In addition to that, CITIC Metal is 2.98 times more volatile than CICC Fund Management. It trades about -0.03 of its total potential returns per unit of risk. CICC Fund Management is currently generating about 0.09 per unit of volatility. If you would invest 272.00 in CICC Fund Management on October 11, 2024 and sell it today you would earn a total of 116.00 from holding CICC Fund Management or generate 42.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.52% |
| Values | Daily Returns |
CITIC Metal Co vs. CICC Fund Management
Performance |
| Timeline |
| CITIC Metal |
| CICC Fund Management |
CITIC Metal and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Metal and CICC Fund
The main advantage of trading using opposite CITIC Metal and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Metal 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.| CITIC Metal vs. Shanghai Yaoji Playing | CITIC Metal vs. Shuhua Sports Co | CITIC Metal vs. Guocheng Mining Co | CITIC Metal vs. Beijing HuaYuanYiTong Thermal |
| CICC Fund vs. CITIC Metal Co | CICC Fund vs. Zoje Resources Investment | CICC Fund vs. ZYF Lopsking Aluminum | CICC Fund vs. Rising Nonferrous Metals |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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