Correlation Between CICC Fund and Xiamen Bank
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By analyzing existing cross correlation between CICC Fund Management and Xiamen Bank Co, you can compare the effects of market volatilities on CICC Fund and Xiamen Bank 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 CICC Fund with a short position of Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of CICC Fund and Xiamen Bank.
Diversification Opportunities for CICC Fund and Xiamen Bank
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CICC and Xiamen is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding CICC Fund Management and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank and CICC Fund 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 CICC Fund Management are associated (or correlated) with Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of CICC Fund i.e., CICC Fund and Xiamen Bank go up and down completely randomly.
Pair Corralation between CICC Fund and Xiamen Bank
Assuming the 90 days trading horizon CICC Fund is expected to generate 139.17 times less return on investment than Xiamen Bank. But when comparing it to its historical volatility, CICC Fund Management is 2.97 times less risky than Xiamen Bank. It trades about 0.0 of its potential returns per unit of risk. Xiamen Bank Co is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 458.00 in Xiamen Bank Co on September 6, 2024 and sell it today you would earn a total of 114.00 from holding Xiamen Bank Co or generate 24.89% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.28% |
Values | Daily Returns |
CICC Fund Management vs. Xiamen Bank Co
Performance |
Timeline |
CICC Fund Management |
Xiamen Bank |
CICC Fund and Xiamen Bank Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CICC Fund and Xiamen Bank
The main advantage of trading using opposite CICC Fund and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CICC Fund position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.CICC Fund vs. Industrial and Commercial | CICC Fund vs. Kweichow Moutai Co | CICC Fund vs. Agricultural Bank of | CICC Fund vs. China Mobile Limited |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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