Correlation Between Citic Offshore and Jiaozuo Wanfang
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By analyzing existing cross correlation between Citic Offshore Helicopter and Jiaozuo Wanfang Aluminum, you can compare the effects of market volatilities on Citic Offshore and Jiaozuo Wanfang 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 Citic Offshore with a short position of Jiaozuo Wanfang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Jiaozuo Wanfang.
Diversification Opportunities for Citic Offshore and Jiaozuo Wanfang
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Citic and Jiaozuo is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Jiaozuo Wanfang Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiaozuo Wanfang Aluminum and Citic Offshore 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 Citic Offshore Helicopter are associated (or correlated) with Jiaozuo Wanfang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiaozuo Wanfang Aluminum has no effect on the direction of Citic Offshore i.e., Citic Offshore and Jiaozuo Wanfang go up and down completely randomly.
Pair Corralation between Citic Offshore and Jiaozuo Wanfang
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to under-perform the Jiaozuo Wanfang. In addition to that, Citic Offshore is 1.47 times more volatile than Jiaozuo Wanfang Aluminum. It trades about -0.24 of its total potential returns per unit of risk. Jiaozuo Wanfang Aluminum is currently generating about 0.02 per unit of volatility. If you would invest 680.00 in Jiaozuo Wanfang Aluminum on October 11, 2024 and sell it today you would earn a total of 4.00 from holding Jiaozuo Wanfang Aluminum or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Jiaozuo Wanfang Aluminum
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Jiaozuo Wanfang Aluminum |
Citic Offshore and Jiaozuo Wanfang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Jiaozuo Wanfang
The main advantage of trading using opposite Citic Offshore and Jiaozuo Wanfang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Jiaozuo Wanfang 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 Jiaozuo Wanfang will offset losses from the drop in Jiaozuo Wanfang's long position.| Citic Offshore vs. Fiberhome Telecommunication Technologies | Citic Offshore vs. Zhangjiagang Freetrade Science | Citic Offshore vs. Guangzhou Dongfang Hotel | Citic Offshore vs. Guangzhou Seagull Kitchen |
| Jiaozuo Wanfang vs. Tongyu Communication | Jiaozuo Wanfang vs. Wuhan Yangtze Communication | Jiaozuo Wanfang vs. Shenzhen Kexin Communication | Jiaozuo Wanfang vs. Mingchen Health Co |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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