Correlation Between CSSC Offshore and Jointo Energy
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By analyzing existing cross correlation between CSSC Offshore Marine and Jointo Energy Investment, you can compare the effects of market volatilities on CSSC Offshore and Jointo Energy 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 CSSC Offshore with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Jointo Energy.
Diversification Opportunities for CSSC Offshore and Jointo Energy
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between CSSC and Jointo is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Jointo Energy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jointo Energy Investment and CSSC Offshore 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 CSSC Offshore Marine are associated (or correlated) with Jointo Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jointo Energy Investment has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Jointo Energy go up and down completely randomly.
Pair Corralation between CSSC Offshore and Jointo Energy
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to generate 0.5 times more return on investment than Jointo Energy. However, CSSC Offshore Marine is 1.98 times less risky than Jointo Energy. It trades about -0.16 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about -0.2 per unit of risk. If you would invest 2,426 in CSSC Offshore Marine on October 26, 2024 and sell it today you would lose (113.00) from holding CSSC Offshore Marine or give up 4.66% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
CSSC Offshore Marine vs. Jointo Energy Investment
Performance |
Timeline |
CSSC Offshore Marine |
Jointo Energy Investment |
CSSC Offshore and Jointo Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CSSC Offshore and Jointo Energy
The main advantage of trading using opposite CSSC Offshore and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Jointo Energy 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 Jointo Energy will offset losses from the drop in Jointo Energy's long position.CSSC Offshore vs. Gifore Agricultural Machinery | CSSC Offshore vs. Bosera CMSK Industrial | CSSC Offshore vs. Hongrun Construction Group | CSSC Offshore vs. Xinjiang Baodi Mining |
Jointo Energy vs. Peoples Insurance of | Jointo Energy vs. Ningbo Jintian Copper | Jointo Energy vs. Tieling Newcity Investment | Jointo Energy vs. Xiandai Investment 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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