Correlation Between Henan Shuanghui and CSSC Offshore
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By analyzing existing cross correlation between Henan Shuanghui Investment and CSSC Offshore Marine, you can compare the effects of market volatilities on Henan Shuanghui 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 Henan Shuanghui with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Shuanghui and CSSC Offshore.
Diversification Opportunities for Henan Shuanghui and CSSC Offshore
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Henan and CSSC is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Henan Shuanghui Investment 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 Henan Shuanghui 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 Henan Shuanghui Investment 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 Henan Shuanghui i.e., Henan Shuanghui and CSSC Offshore go up and down completely randomly.
Pair Corralation between Henan Shuanghui and CSSC Offshore
Assuming the 90 days trading horizon Henan Shuanghui Investment is expected to generate 0.65 times more return on investment than CSSC Offshore. However, Henan Shuanghui Investment is 1.53 times less risky than CSSC Offshore. 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 2,413 in Henan Shuanghui Investment on September 14, 2024 and sell it today you would earn a total of 186.00 from holding Henan Shuanghui Investment or generate 7.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henan Shuanghui Investment vs. CSSC Offshore Marine
Performance |
| Timeline |
| Henan Shuanghui Inve |
| CSSC Offshore Marine |
Henan Shuanghui and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henan Shuanghui and CSSC Offshore
The main advantage of trading using opposite Henan Shuanghui and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Shuanghui 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.| Henan Shuanghui vs. Nanjing Putian Telecommunications | Henan Shuanghui vs. Tianjin Realty Development | Henan Shuanghui vs. Kangyue Technology Co | Henan Shuanghui vs. Shenzhen Hifuture Electric |
| 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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