Correlation Between Citic Offshore and ButOne Information
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By analyzing existing cross correlation between Citic Offshore Helicopter and ButOne Information Corp, you can compare the effects of market volatilities on Citic Offshore and ButOne Information 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 ButOne Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and ButOne Information.
Diversification Opportunities for Citic Offshore and ButOne Information
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Citic and ButOne is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and ButOne Information Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ButOne Information Corp 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 ButOne Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ButOne Information Corp has no effect on the direction of Citic Offshore i.e., Citic Offshore and ButOne Information go up and down completely randomly.
Pair Corralation between Citic Offshore and ButOne Information
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to generate 1.22 times more return on investment than ButOne Information. However, Citic Offshore is 1.22 times more volatile than ButOne Information Corp. It trades about 0.08 of its potential returns per unit of risk. ButOne Information Corp is currently generating about 0.01 per unit of risk. If you would invest 930.00 in Citic Offshore Helicopter on October 12, 2024 and sell it today you would earn a total of 1,359 from holding Citic Offshore Helicopter or generate 146.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. ButOne Information Corp
Performance |
| Timeline |
| Citic Offshore Helicopter |
| ButOne Information Corp |
Citic Offshore and ButOne Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and ButOne Information
The main advantage of trading using opposite Citic Offshore and ButOne Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, ButOne Information 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 ButOne Information will offset losses from the drop in ButOne Information's long position.| Citic Offshore vs. Qingdao Haier Biomedical | Citic Offshore vs. Touchstone International Medical | Citic Offshore vs. Shenzhen Bioeasy Biotechnology | Citic Offshore vs. Allgens Medical Technology |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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