Correlation Between CSSC Offshore and China Asset
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By analyzing existing cross correlation between CSSC Offshore Marine and China Asset Management, you can compare the effects of market volatilities on CSSC Offshore and China Asset 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 China Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and China Asset.
Diversification Opportunities for CSSC Offshore and China Asset
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CSSC and China is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and China Asset Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Asset Management 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 China Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Asset Management has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and China Asset go up and down completely randomly.
Pair Corralation between CSSC Offshore and China Asset
Assuming the 90 days trading horizon CSSC Offshore is expected to generate 5.13 times less return on investment than China Asset. In addition to that, CSSC Offshore is 2.4 times more volatile than China Asset Management. It trades about 0.01 of its total potential returns per unit of risk. China Asset Management is currently generating about 0.15 per unit of volatility. If you would invest 242.00 in China Asset Management on September 14, 2024 and sell it today you would earn a total of 99.00 from holding China Asset Management or generate 40.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. China Asset Management
Performance |
| Timeline |
| CSSC Offshore Marine |
| China Asset Management |
CSSC Offshore and China Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and China Asset
The main advantage of trading using opposite CSSC Offshore and China Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, China Asset 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 China Asset will offset losses from the drop in China Asset's long position.| CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. Agricultural Bank of | CSSC Offshore vs. China Construction Bank | CSSC Offshore vs. Bank of China |
| China Asset vs. Kweichow Moutai Co | China Asset vs. Agricultural Bank of | China Asset vs. China Mobile Limited | China Asset vs. China Construction Bank |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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