Correlation Between Mango Excellent and CSSC Offshore
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By analyzing existing cross correlation between Mango Excellent Media and CSSC Offshore Marine, you can compare the effects of market volatilities on Mango Excellent 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 Mango Excellent with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and CSSC Offshore.
Diversification Opportunities for Mango Excellent and CSSC Offshore
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Mango and CSSC is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media 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 Mango Excellent 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 Mango Excellent Media 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 Mango Excellent i.e., Mango Excellent and CSSC Offshore go up and down completely randomly.
Pair Corralation between Mango Excellent and CSSC Offshore
Assuming the 90 days trading horizon Mango Excellent Media is expected to under-perform the CSSC Offshore. In addition to that, Mango Excellent is 2.46 times more volatile than CSSC Offshore Marine. It trades about -0.06 of its total potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.15 per unit of volatility. If you would invest 2,337 in CSSC Offshore Marine on November 27, 2024 and sell it today you would lose (49.00) from holding CSSC Offshore Marine or give up 2.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. CSSC Offshore Marine
Performance |
| Timeline |
| Mango Excellent Media |
| CSSC Offshore Marine |
Mango Excellent and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and CSSC Offshore
The main advantage of trading using opposite Mango Excellent and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent 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.| Mango Excellent vs. Qingdao Hi Tech Moulds | Mango Excellent vs. Runjian Communication Co | Mango Excellent vs. Suzhou Mingzhi Technology | Mango Excellent vs. Allwin Telecommunication Co |
| CSSC Offshore vs. BYD Co Ltd | CSSC Offshore vs. China Mobile Limited | CSSC Offshore vs. Agricultural Bank of | CSSC Offshore vs. Industrial and Commercial |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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