Correlation Between Hunan Investment and CSSC Offshore
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hunan Investment Group and CSSC Offshore Marine, you can compare the effects of market volatilities on Hunan Investment and CSSC Offshore 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 Hunan Investment with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Investment and CSSC Offshore.
Diversification Opportunities for Hunan Investment and CSSC Offshore
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hunan and CSSC is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Investment Group and CSSC Offshore Marine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSSC Offshore Marine and Hunan Investment 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 Hunan Investment Group are associated (or correlated) with CSSC Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSSC Offshore Marine has no effect on the direction of Hunan Investment i.e., Hunan Investment and CSSC Offshore go up and down completely randomly.
Pair Corralation between Hunan Investment and CSSC Offshore
Assuming the 90 days trading horizon Hunan Investment Group is expected to generate 1.26 times more return on investment than CSSC Offshore. However, Hunan Investment is 1.26 times more volatile than CSSC Offshore Marine. It trades about 0.03 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about 0.01 per unit of risk. If you would invest 561.00 in Hunan Investment Group on September 14, 2024 and sell it today you would earn a total of 54.00 from holding Hunan Investment Group or generate 9.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Investment Group vs. CSSC Offshore Marine
Performance |
| Timeline |
| Hunan Investment |
| CSSC Offshore Marine |
Hunan Investment and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Investment and CSSC Offshore
The main advantage of trading using opposite Hunan Investment and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Investment position performs unexpectedly, CSSC Offshore 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 CSSC Offshore will offset losses from the drop in CSSC Offshore's long position.| Hunan Investment vs. Kweichow Moutai Co | Hunan Investment vs. Jiangsu Pacific Quartz | Hunan Investment vs. Shenzhen Transsion Holdings | Hunan Investment vs. Beijing Roborock Technology |
| CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. Agricultural Bank of | CSSC Offshore vs. China Construction Bank | CSSC Offshore vs. Bank of China |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |