Correlation Between Oppein Home and CICC Fund
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oppein Home Group and CICC Fund Management, you can compare the effects of market volatilities on Oppein Home 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 Oppein Home with a short position of CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppein Home and CICC Fund.
Diversification Opportunities for Oppein Home and CICC Fund
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Oppein and CICC is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Oppein Home Group 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 Oppein Home 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 Oppein Home Group 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 Oppein Home i.e., Oppein Home and CICC Fund go up and down completely randomly.
Pair Corralation between Oppein Home and CICC Fund
Assuming the 90 days trading horizon Oppein Home is expected to generate 1.23 times less return on investment than CICC Fund. In addition to that, Oppein Home is 2.26 times more volatile than CICC Fund Management. It trades about 0.11 of its total potential returns per unit of risk. CICC Fund Management is currently generating about 0.31 per unit of volatility. If you would invest 327.00 in CICC Fund Management on September 13, 2024 and sell it today you would earn a total of 26.00 from holding CICC Fund Management or generate 7.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Oppein Home Group vs. CICC Fund Management
Performance |
| Timeline |
| Oppein Home Group |
| CICC Fund Management |
Oppein Home and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppein Home and CICC Fund
The main advantage of trading using opposite Oppein Home and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppein Home 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.| Oppein Home vs. Lutian Machinery Co | Oppein Home vs. China Longyuan Power | Oppein Home vs. PetroChina Co Ltd | Oppein Home vs. Bank of China |
| CICC Fund vs. Kweichow Moutai Co | CICC Fund vs. Agricultural Bank of | CICC Fund vs. China Mobile Limited | CICC Fund vs. China Construction Bank |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |