Correlation Between CSSC Offshore and Dymatic Chemicals
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By analyzing existing cross correlation between CSSC Offshore Marine and Dymatic Chemicals, you can compare the effects of market volatilities on CSSC Offshore and Dymatic Chemicals 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 Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Dymatic Chemicals.
Diversification Opportunities for CSSC Offshore and Dymatic Chemicals
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between CSSC and Dymatic is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals 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 Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between CSSC Offshore and Dymatic Chemicals
Assuming the 90 days trading horizon CSSC Offshore is expected to generate 1.32 times less return on investment than Dymatic Chemicals. But when comparing it to its historical volatility, CSSC Offshore Marine is 1.25 times less risky than Dymatic Chemicals. It trades about 0.02 of its potential returns per unit of risk. Dymatic Chemicals is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 674.00 in Dymatic Chemicals on September 12, 2024 and sell it today you would earn a total of 7.00 from holding Dymatic Chemicals or generate 1.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Dymatic Chemicals
Performance |
| Timeline |
| CSSC Offshore Marine |
| Dymatic Chemicals |
CSSC Offshore and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Dymatic Chemicals
The main advantage of trading using opposite CSSC Offshore and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| CSSC Offshore vs. Agricultural Bank of | CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. Bank of China | CSSC Offshore vs. PetroChina Co Ltd |
| Dymatic Chemicals vs. Zijin Mining Group | Dymatic Chemicals vs. Wanhua Chemical Group | Dymatic Chemicals vs. Baoshan Iron Steel | Dymatic Chemicals vs. Rongsheng Petrochemical 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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