Correlation Between Citic Offshore and Southern PublishingMedia
Specify exactly 2 symbols:
By analyzing existing cross correlation between Citic Offshore Helicopter and Southern PublishingMedia Co, you can compare the effects of market volatilities on Citic Offshore and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Southern PublishingMedia.
Diversification Opportunities for Citic Offshore and Southern PublishingMedia
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Citic and Southern is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Citic Offshore i.e., Citic Offshore and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Citic Offshore and Southern PublishingMedia
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to generate 0.93 times more return on investment than Southern PublishingMedia. However, Citic Offshore Helicopter is 1.08 times less risky than Southern PublishingMedia. It trades about 0.08 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.05 per unit of risk. If you would invest 746.00 in Citic Offshore Helicopter on October 16, 2024 and sell it today you would earn a total of 1,498 from holding Citic Offshore Helicopter or generate 200.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Southern PublishingMedia |
Citic Offshore and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Southern PublishingMedia
The main advantage of trading using opposite Citic Offshore and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Citic Offshore vs. Anhui Huaren Health | Citic Offshore vs. Dezhan HealthCare Co | Citic Offshore vs. Goodwill E Health | Citic Offshore vs. Youngy 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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |