Correlation Between CSSC Offshore and Winner Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between CSSC Offshore Marine and Winner Medical Co, you can compare the effects of market volatilities on CSSC Offshore and Winner Medical 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 Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Winner Medical.
Diversification Opportunities for CSSC Offshore and Winner Medical
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CSSC and Winner is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical 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 Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Winner Medical go up and down completely randomly.
Pair Corralation between CSSC Offshore and Winner Medical
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Winner Medical. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 1.37 times less risky than Winner Medical. The stock trades about -0.03 of its potential returns per unit of risk. The Winner Medical Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,904 in Winner Medical Co on August 28, 2024 and sell it today you would earn a total of 480.00 from holding Winner Medical Co or generate 16.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Winner Medical Co
Performance |
| Timeline |
| CSSC Offshore Marine |
| Winner Medical |
CSSC Offshore and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Winner Medical
The main advantage of trading using opposite CSSC Offshore and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Winner Medical 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 Winner Medical will offset losses from the drop in Winner Medical'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 |
| Winner Medical vs. Bank of China | Winner Medical vs. Kweichow Moutai Co | Winner Medical vs. PetroChina Co Ltd | Winner Medical vs. Bank of Communications |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Transaction History View history of all your transactions and understand their impact on performance |