Correlation Between Jinsanjiang Silicon and CSSC Offshore
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and CSSC Offshore Marine, you can compare the effects of market volatilities on Jinsanjiang Silicon 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 Jinsanjiang Silicon with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and CSSC Offshore.
Diversification Opportunities for Jinsanjiang Silicon and CSSC Offshore
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinsanjiang and CSSC is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material 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 Jinsanjiang Silicon 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 Jinsanjiang Silicon Material 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 Jinsanjiang Silicon i.e., Jinsanjiang Silicon and CSSC Offshore go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and CSSC Offshore
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 1.52 times more return on investment than CSSC Offshore. However, Jinsanjiang Silicon is 1.52 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 1,030 in Jinsanjiang Silicon Material on September 4, 2024 and sell it today you would earn a total of 153.00 from holding Jinsanjiang Silicon Material or generate 14.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. CSSC Offshore Marine
Performance |
| Timeline |
| Jinsanjiang Silicon |
| CSSC Offshore Marine |
Jinsanjiang Silicon and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and CSSC Offshore
The main advantage of trading using opposite Jinsanjiang Silicon and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon 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.| Jinsanjiang Silicon vs. Dhc Software Co | Jinsanjiang Silicon vs. Niutech Environment Technology | Jinsanjiang Silicon vs. Gome Telecom Equipment | Jinsanjiang Silicon vs. Xinjiang Communications Construction |
| CSSC Offshore vs. Dymatic Chemicals | CSSC Offshore vs. Gansu Yasheng Industrial | CSSC Offshore vs. Chengtun Mining Group | CSSC Offshore vs. Miracll Chemicals Co |
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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