Correlation Between Citic Offshore and Hygon Information
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By analyzing existing cross correlation between Citic Offshore Helicopter and Hygon Information Technology, you can compare the effects of market volatilities on Citic Offshore and Hygon 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 Hygon Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Hygon Information.
Diversification Opportunities for Citic Offshore and Hygon Information
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Citic and Hygon is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Hygon Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hygon Information 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 Hygon Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hygon Information has no effect on the direction of Citic Offshore i.e., Citic Offshore and Hygon Information go up and down completely randomly.
Pair Corralation between Citic Offshore and Hygon Information
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to generate 0.64 times more return on investment than Hygon Information. However, Citic Offshore Helicopter is 1.57 times less risky than Hygon Information. It trades about 0.13 of its potential returns per unit of risk. Hygon Information Technology is currently generating about -0.06 per unit of risk. If you would invest 2,217 in Citic Offshore Helicopter on November 6, 2024 and sell it today you would earn a total of 103.00 from holding Citic Offshore Helicopter or generate 4.65% 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. Hygon Information Technology
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Hygon Information |
Citic Offshore and Hygon Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Hygon Information
The main advantage of trading using opposite Citic Offshore and Hygon Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Hygon 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 Hygon Information will offset losses from the drop in Hygon Information's long position.| Citic Offshore vs. Shandong Kuntai New | Citic Offshore vs. Malion New Materials | Citic Offshore vs. Shandong Sanyuan Biotechnology | Citic Offshore vs. Easyhome New Retail |
| Hygon Information vs. Servyou Software Group | Hygon Information vs. China National Software | Hygon Information vs. Tongyu Communication | Hygon Information vs. Gansu Huangtai Wine marketing |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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