Correlation Between Gansu Yasheng and CSSC Offshore
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By analyzing existing cross correlation between Gansu Yasheng Industrial and CSSC Offshore Marine, you can compare the effects of market volatilities on Gansu Yasheng 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 Gansu Yasheng with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Yasheng and CSSC Offshore.
Diversification Opportunities for Gansu Yasheng and CSSC Offshore
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gansu and CSSC is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Yasheng Industrial 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 Gansu Yasheng 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 Gansu Yasheng Industrial 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 Gansu Yasheng i.e., Gansu Yasheng and CSSC Offshore go up and down completely randomly.
Pair Corralation between Gansu Yasheng and CSSC Offshore
Assuming the 90 days trading horizon Gansu Yasheng Industrial is expected to generate 1.35 times more return on investment than CSSC Offshore. However, Gansu Yasheng is 1.35 times more volatile than CSSC Offshore Marine. It trades about 0.22 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.03 per unit of risk. If you would invest 282.00 in Gansu Yasheng Industrial on September 4, 2024 and sell it today you would earn a total of 36.00 from holding Gansu Yasheng Industrial or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Yasheng Industrial vs. CSSC Offshore Marine
Performance |
| Timeline |
| Gansu Yasheng Industrial |
| CSSC Offshore Marine |
Gansu Yasheng and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Yasheng and CSSC Offshore
The main advantage of trading using opposite Gansu Yasheng and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Yasheng 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.| Gansu Yasheng vs. Sanbo Hospital Management | Gansu Yasheng vs. Huatian Hotel Group | Gansu Yasheng vs. Andon Health Co | Gansu Yasheng vs. Yunnan Jianzhijia Health Chain |
| 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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