Correlation Between CSSC Offshore and Gan Yuan
Specify exactly 2 symbols:
By analyzing existing cross correlation between CSSC Offshore Marine and Gan Yuan Foods, you can compare the effects of market volatilities on CSSC Offshore and Gan Yuan 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 Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Gan Yuan.
Diversification Opportunities for CSSC Offshore and Gan Yuan
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CSSC and Gan is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan 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 Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Gan Yuan go up and down completely randomly.
Pair Corralation between CSSC Offshore and Gan Yuan
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to generate 0.99 times more return on investment than Gan Yuan. However, CSSC Offshore Marine is 1.01 times less risky than Gan Yuan. It trades about 0.02 of its potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.02 per unit of risk. If you would invest 2,129 in CSSC Offshore Marine on August 28, 2024 and sell it today you would earn a total of 295.00 from holding CSSC Offshore Marine or generate 13.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Gan Yuan Foods
Performance |
| Timeline |
| CSSC Offshore Marine |
| Gan Yuan Foods |
CSSC Offshore and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Gan Yuan
The main advantage of trading using opposite CSSC Offshore and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| CSSC Offshore vs. Biwin Storage Technology | CSSC Offshore vs. PetroChina Co Ltd | CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. China Construction Bank |
| Gan Yuan vs. Marssenger Kitchenware Co | Gan Yuan vs. XinJiang GuoTong Pipeline | Gan Yuan vs. Yindu Kitchen Equipment | Gan Yuan vs. Zhejiang Kingland Pipeline |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |