Correlation Between Miracll Chemicals and CSSC Offshore
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By analyzing existing cross correlation between Miracll Chemicals Co and CSSC Offshore Marine, you can compare the effects of market volatilities on Miracll Chemicals 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 Miracll Chemicals with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Miracll Chemicals and CSSC Offshore.
Diversification Opportunities for Miracll Chemicals and CSSC Offshore
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Miracll and CSSC is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Miracll Chemicals 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 Miracll Chemicals 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 Miracll Chemicals 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 Miracll Chemicals i.e., Miracll Chemicals and CSSC Offshore go up and down completely randomly.
Pair Corralation between Miracll Chemicals and CSSC Offshore
Assuming the 90 days trading horizon Miracll Chemicals Co is expected to under-perform the CSSC Offshore. In addition to that, Miracll Chemicals is 1.39 times more volatile than CSSC Offshore Marine. It trades about -0.36 of its total potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.23 per unit of volatility. If you would invest 2,697 in CSSC Offshore Marine on September 12, 2024 and sell it today you would lose (226.00) from holding CSSC Offshore Marine or give up 8.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Miracll Chemicals Co vs. CSSC Offshore Marine
Performance |
| Timeline |
| Miracll Chemicals |
| CSSC Offshore Marine |
Miracll Chemicals and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Miracll Chemicals and CSSC Offshore
The main advantage of trading using opposite Miracll Chemicals and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Miracll Chemicals 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.| Miracll Chemicals vs. Zijin Mining Group | Miracll Chemicals vs. Wanhua Chemical Group | Miracll Chemicals vs. Baoshan Iron Steel | Miracll Chemicals vs. Rongsheng Petrochemical 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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