Correlation Between Shenzhen MYS and CSG Holding
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By analyzing existing cross correlation between Shenzhen MYS Environmental and CSG Holding Co, you can compare the effects of market volatilities on Shenzhen MYS and CSG Holding 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 Shenzhen MYS with a short position of CSG Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and CSG Holding.
Diversification Opportunities for Shenzhen MYS and CSG Holding
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and CSG is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and CSG Holding Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSG Holding and Shenzhen MYS 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 Shenzhen MYS Environmental are associated (or correlated) with CSG Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSG Holding has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and CSG Holding go up and down completely randomly.
Pair Corralation between Shenzhen MYS and CSG Holding
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 1.22 times more return on investment than CSG Holding. However, Shenzhen MYS is 1.22 times more volatile than CSG Holding Co. It trades about -0.06 of its potential returns per unit of risk. CSG Holding Co is currently generating about -0.28 per unit of risk. If you would invest 354.00 in Shenzhen MYS Environmental on November 3, 2024 and sell it today you would lose (14.00) from holding Shenzhen MYS Environmental or give up 3.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. CSG Holding Co
Performance |
| Timeline |
| Shenzhen MYS Environ |
| CSG Holding |
Shenzhen MYS and CSG Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and CSG Holding
The main advantage of trading using opposite Shenzhen MYS and CSG Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, CSG Holding 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 CSG Holding will offset losses from the drop in CSG Holding's long position.| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
| CSG Holding vs. Jinhe Biotechnology Co | CSG Holding vs. Tinavi Medical Technologies | CSG Holding vs. Xiangyu Medical Co | CSG Holding vs. Sichuan Hebang Biotechnology |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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