Correlation Between Sunwave Communications and CSSC Offshore
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By analyzing existing cross correlation between Sunwave Communications Co and CSSC Offshore Marine, you can compare the effects of market volatilities on Sunwave Communications 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 Sunwave Communications with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunwave Communications and CSSC Offshore.
Diversification Opportunities for Sunwave Communications and CSSC Offshore
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sunwave and CSSC is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Sunwave Communications Co 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 Sunwave Communications 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 Sunwave Communications Co 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 Sunwave Communications i.e., Sunwave Communications and CSSC Offshore go up and down completely randomly.
Pair Corralation between Sunwave Communications and CSSC Offshore
Assuming the 90 days trading horizon Sunwave Communications Co is expected to generate 1.59 times more return on investment than CSSC Offshore. However, Sunwave Communications is 1.59 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 -0.02 per unit of risk. If you would invest 660.00 in Sunwave Communications Co on September 12, 2024 and sell it today you would earn a total of 154.00 from holding Sunwave Communications Co or generate 23.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunwave Communications Co vs. CSSC Offshore Marine
Performance |
| Timeline |
| Sunwave Communications |
| CSSC Offshore Marine |
Sunwave Communications and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunwave Communications and CSSC Offshore
The main advantage of trading using opposite Sunwave Communications and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunwave Communications 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.| Sunwave Communications vs. Guangdong Qunxing Toys | Sunwave Communications vs. Sinocat Environmental Technology | Sunwave Communications vs. Juneyao Airlines | Sunwave Communications vs. Hainan Airlines Co |
| CSSC Offshore vs. Agricultural Bank of | CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. Bank of China | CSSC Offshore vs. PetroChina Co Ltd |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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