Correlation Between Goodwill E and CICC Fund
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By analyzing existing cross correlation between Goodwill E Health and CICC Fund Management, you can compare the effects of market volatilities on Goodwill E 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 Goodwill E with a short position of CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goodwill E and CICC Fund.
Diversification Opportunities for Goodwill E and CICC Fund
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Goodwill and CICC is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Goodwill E Health 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 Goodwill E 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 Goodwill E Health 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 Goodwill E i.e., Goodwill E and CICC Fund go up and down completely randomly.
Pair Corralation between Goodwill E and CICC Fund
Assuming the 90 days trading horizon Goodwill E Health is expected to under-perform the CICC Fund. In addition to that, Goodwill E is 2.85 times more volatile than CICC Fund Management. It trades about -0.42 of its total potential returns per unit of risk. CICC Fund Management is currently generating about 0.27 per unit of volatility. If you would invest 368.00 in CICC Fund Management on October 21, 2024 and sell it today you would earn a total of 19.00 from holding CICC Fund Management or generate 5.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goodwill E Health vs. CICC Fund Management
Performance |
| Timeline |
| Goodwill E Health |
| CICC Fund Management |
Goodwill E and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goodwill E and CICC Fund
The main advantage of trading using opposite Goodwill E and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goodwill E 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.| Goodwill E vs. Silkroad Visual Technology | Goodwill E vs. Hainan Airlines Co | Goodwill E vs. Zhangjiagang Freetrade Science | Goodwill E vs. Gansu Huangtai Wine marketing |
| CICC Fund vs. Iat Automobile Technology | CICC Fund vs. Wuxi Chemical Equipment | CICC Fund vs. Shenyang Chemical Industry | CICC Fund vs. Dymatic Chemicals |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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