Correlation Between CSSC Offshore and HaiXin Foods
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By analyzing existing cross correlation between CSSC Offshore Marine and HaiXin Foods Co, you can compare the effects of market volatilities on CSSC Offshore and HaiXin Foods 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 HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and HaiXin Foods.
Diversification Opportunities for CSSC Offshore and HaiXin Foods
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CSSC and HaiXin is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods 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 HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and HaiXin Foods go up and down completely randomly.
Pair Corralation between CSSC Offshore and HaiXin Foods
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to generate 0.23 times more return on investment than HaiXin Foods. However, CSSC Offshore Marine is 4.32 times less risky than HaiXin Foods. It trades about -0.23 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.07 per unit of risk. If you would invest 2,464 in CSSC Offshore Marine on October 10, 2024 and sell it today you would lose (178.00) from holding CSSC Offshore Marine or give up 7.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. HaiXin Foods Co
Performance |
| Timeline |
| CSSC Offshore Marine |
| HaiXin Foods |
CSSC Offshore and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and HaiXin Foods
The main advantage of trading using opposite CSSC Offshore and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| CSSC Offshore vs. Shenzhen Noposion Agrochemicals | CSSC Offshore vs. Liaoning Dingjide Petrochemical | CSSC Offshore vs. Guangzhou Dongfang Hotel | CSSC Offshore vs. Nanning Chemical Industry |
| HaiXin Foods vs. Tianshui Huatian Technology | HaiXin Foods vs. CSSC Offshore Marine | HaiXin Foods vs. Offshore Oil Engineering | HaiXin Foods vs. Ningbo MedicalSystem Biotechnology |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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