Correlation Between Universal Scientific and Cicc Fund
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By analyzing existing cross correlation between Universal Scientific Industrial and Cicc Fund Management, you can compare the effects of market volatilities on Universal Scientific 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 Universal Scientific with a short position of Cicc Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Universal Scientific and Cicc Fund.
Diversification Opportunities for Universal Scientific and Cicc Fund
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Universal and Cicc is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Universal Scientific Industria 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 Universal Scientific 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 Universal Scientific Industrial 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 Universal Scientific i.e., Universal Scientific and Cicc Fund go up and down completely randomly.
Pair Corralation between Universal Scientific and Cicc Fund
Assuming the 90 days trading horizon Universal Scientific is expected to generate 1.08 times less return on investment than Cicc Fund. In addition to that, Universal Scientific is 2.79 times more volatile than Cicc Fund Management. It trades about 0.17 of its total potential returns per unit of risk. Cicc Fund Management is currently generating about 0.53 per unit of volatility. If you would invest 222.00 in Cicc Fund Management on October 11, 2024 and sell it today you would earn a total of 21.00 from holding Cicc Fund Management or generate 9.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Universal Scientific Industria vs. Cicc Fund Management
Performance |
| Timeline |
| Universal Scientific |
| Cicc Fund Management |
Universal Scientific and Cicc Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Universal Scientific and Cicc Fund
The main advantage of trading using opposite Universal Scientific and Cicc Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Universal Scientific 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.| Universal Scientific vs. Ningbo Fangzheng Automobile | Universal Scientific vs. Mengtian Home Group | Universal Scientific vs. Jiangsu Xinri E Vehicle | Universal Scientific vs. Qumei Furniture Group |
| Cicc Fund vs. Vats Liquor Chain | Cicc Fund vs. TianJin 712 Communication | Cicc Fund vs. Guangzhou Haozhi Industrial | Cicc Fund vs. Guangzhou Dongfang Hotel |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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