Correlation Between CSSC Offshore and Hua Xia
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By analyzing existing cross correlation between CSSC Offshore Marine and Hua Xia Bank, you can compare the effects of market volatilities on CSSC Offshore and Hua Xia 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 Hua Xia. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Hua Xia.
Diversification Opportunities for CSSC Offshore and Hua Xia
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CSSC and Hua is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Hua Xia Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hua Xia Bank 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 Hua Xia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hua Xia Bank has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Hua Xia go up and down completely randomly.
Pair Corralation between CSSC Offshore and Hua Xia
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Hua Xia. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 1.06 times less risky than Hua Xia. The stock trades about -0.15 of its potential returns per unit of risk. The Hua Xia Bank is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 708.00 in Hua Xia Bank on September 13, 2024 and sell it today you would earn a total of 68.00 from holding Hua Xia Bank or generate 9.6% 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. Hua Xia Bank
Performance |
| Timeline |
| CSSC Offshore Marine |
| Hua Xia Bank |
CSSC Offshore and Hua Xia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Hua Xia
The main advantage of trading using opposite CSSC Offshore and Hua Xia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Hua Xia 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 Hua Xia will offset losses from the drop in Hua Xia'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 |
| Hua Xia vs. Dymatic Chemicals | Hua Xia vs. Bomesc Offshore Engineering | Hua Xia vs. North Huajin Chemical | Hua Xia vs. Changjiang Publishing Media |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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