Correlation Between CareRay Digital and Cicc Fund
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By analyzing existing cross correlation between CareRay Digital Medical and Cicc Fund Management, you can compare the effects of market volatilities on CareRay Digital 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 CareRay Digital with a short position of Cicc Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Cicc Fund.
Diversification Opportunities for CareRay Digital and Cicc Fund
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CareRay and Cicc is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical 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 CareRay Digital 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 CareRay Digital Medical 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 CareRay Digital i.e., CareRay Digital and Cicc Fund go up and down completely randomly.
Pair Corralation between CareRay Digital and Cicc Fund
Assuming the 90 days trading horizon CareRay Digital Medical is expected to generate 6.01 times more return on investment than Cicc Fund. However, CareRay Digital is 6.01 times more volatile than Cicc Fund Management. It trades about 0.14 of its potential returns per unit of risk. Cicc Fund Management is currently generating about -0.36 per unit of risk. If you would invest 1,441 in CareRay Digital Medical on September 1, 2024 and sell it today you would earn a total of 123.00 from holding CareRay Digital Medical or generate 8.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Cicc Fund Management
Performance |
| Timeline |
| CareRay Digital Medical |
| Cicc Fund Management |
CareRay Digital and Cicc Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Cicc Fund
The main advantage of trading using opposite CareRay Digital and Cicc Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital 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.| CareRay Digital vs. Nanjing Putian Telecommunications | CareRay Digital vs. Shenzhen Hifuture Electric | CareRay Digital vs. Tianjin Realty Development | CareRay Digital vs. Shenyang Huitian Thermal |
| Cicc Fund vs. Industrial and Commercial | Cicc Fund vs. Kweichow Moutai Co | Cicc Fund vs. Agricultural Bank of | Cicc Fund vs. China Mobile Limited |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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