Correlation Between Citic Offshore and Sharetronic Data
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By analyzing existing cross correlation between Citic Offshore Helicopter and Sharetronic Data Technology, you can compare the effects of market volatilities on Citic Offshore and Sharetronic Data 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 Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Sharetronic Data.
Diversification Opportunities for Citic Offshore and Sharetronic Data
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citic and Sharetronic is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec 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 Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of Citic Offshore i.e., Citic Offshore and Sharetronic Data go up and down completely randomly.
Pair Corralation between Citic Offshore and Sharetronic Data
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to under-perform the Sharetronic Data. But the stock apears to be less risky and, when comparing its historical volatility, Citic Offshore Helicopter is 1.04 times less risky than Sharetronic Data. The stock trades about -0.23 of its potential returns per unit of risk. The Sharetronic Data Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 10,685 in Sharetronic Data Technology on October 29, 2024 and sell it today you would earn a total of 1.00 from holding Sharetronic Data Technology or generate 0.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Sharetronic Data Technology
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Sharetronic Data Tec |
Citic Offshore and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Sharetronic Data
The main advantage of trading using opposite Citic Offshore and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Sharetronic Data 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 Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| Citic Offshore vs. Linewell Software Co | Citic Offshore vs. Haima Automobile Group | Citic Offshore vs. Beijing Bewinner Communications | Citic Offshore vs. Songz Automobile Air |
| Sharetronic Data vs. Ping An Insurance | Sharetronic Data vs. Jiangsu Jinling Sports | Sharetronic Data vs. Hua Xia Bank | Sharetronic Data vs. Qilu Bank 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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