Correlation Between CSG Holding and Guangdong Skychem
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By analyzing existing cross correlation between CSG Holding Co and Guangdong Skychem Technology, you can compare the effects of market volatilities on CSG Holding and Guangdong Skychem 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 CSG Holding with a short position of Guangdong Skychem. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSG Holding and Guangdong Skychem.
Diversification Opportunities for CSG Holding and Guangdong Skychem
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CSG and Guangdong is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding CSG Holding Co and Guangdong Skychem Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Skychem and CSG Holding 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 CSG Holding Co are associated (or correlated) with Guangdong Skychem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Skychem has no effect on the direction of CSG Holding i.e., CSG Holding and Guangdong Skychem go up and down completely randomly.
Pair Corralation between CSG Holding and Guangdong Skychem
Assuming the 90 days trading horizon CSG Holding Co is expected to generate 0.18 times more return on investment than Guangdong Skychem. However, CSG Holding Co is 5.54 times less risky than Guangdong Skychem. It trades about -0.19 of its potential returns per unit of risk. Guangdong Skychem Technology is currently generating about -0.07 per unit of risk. If you would invest 231.00 in CSG Holding Co on October 16, 2024 and sell it today you would lose (7.00) from holding CSG Holding Co or give up 3.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSG Holding Co vs. Guangdong Skychem Technology
Performance |
| Timeline |
| CSG Holding |
| Guangdong Skychem |
CSG Holding and Guangdong Skychem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSG Holding and Guangdong Skychem
The main advantage of trading using opposite CSG Holding and Guangdong Skychem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSG Holding position performs unexpectedly, Guangdong Skychem 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 Guangdong Skychem will offset losses from the drop in Guangdong Skychem's long position.| CSG Holding vs. Zijin Mining Group | CSG Holding vs. Wanhua Chemical Group | CSG Holding vs. Baoshan Iron Steel | CSG Holding vs. Shandong Gold Mining |
| Guangdong Skychem vs. Kunwu Jiuding Investment | Guangdong Skychem vs. Xiandai Investment Co | Guangdong Skychem vs. Hubei Geoway Investment | Guangdong Skychem vs. Henan Shuanghui Investment |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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