Correlation Between Beijing Bashi and CSSC Offshore
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By analyzing existing cross correlation between Beijing Bashi Media and CSSC Offshore Marine, you can compare the effects of market volatilities on Beijing Bashi 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 Beijing Bashi with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bashi and CSSC Offshore.
Diversification Opportunities for Beijing Bashi and CSSC Offshore
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and CSSC is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bashi 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 Beijing Bashi 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 Beijing Bashi 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 Beijing Bashi i.e., Beijing Bashi and CSSC Offshore go up and down completely randomly.
Pair Corralation between Beijing Bashi and CSSC Offshore
Assuming the 90 days trading horizon Beijing Bashi Media is expected to generate 3.34 times more return on investment than CSSC Offshore. However, Beijing Bashi is 3.34 times more volatile than CSSC Offshore Marine. It trades about 0.37 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.15 per unit of risk. If you would invest 424.00 in Beijing Bashi Media on November 27, 2024 and sell it today you would earn a total of 73.00 from holding Beijing Bashi Media or generate 17.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bashi Media vs. CSSC Offshore Marine
Performance |
| Timeline |
| Beijing Bashi Media |
| CSSC Offshore Marine |
Beijing Bashi and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bashi and CSSC Offshore
The main advantage of trading using opposite Beijing Bashi and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bashi 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.| Beijing Bashi vs. China Sports Industry | Beijing Bashi vs. Ningxia Xiaoming Agriculture | Beijing Bashi vs. Xingguang Agricultural Mach | Beijing Bashi vs. Zhe Jiang Headman |
| 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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