Correlation Between CSSC Offshore and Tianjin Hi
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By analyzing existing cross correlation between CSSC Offshore Marine and Tianjin Hi Tech Development, you can compare the effects of market volatilities on CSSC Offshore and Tianjin Hi 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 Tianjin Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Tianjin Hi.
Diversification Opportunities for CSSC Offshore and Tianjin Hi
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CSSC and Tianjin is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Tianjin Hi Tech Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Hi Tech 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 Tianjin Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Hi Tech has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Tianjin Hi go up and down completely randomly.
Pair Corralation between CSSC Offshore and Tianjin Hi
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Tianjin Hi. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 1.85 times less risky than Tianjin Hi. The stock trades about -0.07 of its potential returns per unit of risk. The Tianjin Hi Tech Development is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 254.00 in Tianjin Hi Tech Development on September 12, 2024 and sell it today you would earn a total of 67.00 from holding Tianjin Hi Tech Development or generate 26.38% 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. Tianjin Hi Tech Development
Performance |
| Timeline |
| CSSC Offshore Marine |
| Tianjin Hi Tech |
CSSC Offshore and Tianjin Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Tianjin Hi
The main advantage of trading using opposite CSSC Offshore and Tianjin Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Tianjin Hi 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 Tianjin Hi will offset losses from the drop in Tianjin Hi's long position.| CSSC Offshore vs. Agricultural Bank of | CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. Bank of China | CSSC Offshore vs. PetroChina Co Ltd |
| Tianjin Hi vs. Gansu Jiu Steel | Tianjin Hi vs. Shandong Mining Machinery | Tianjin Hi vs. Aba Chemicals Corp | Tianjin Hi vs. BlueFocus Communication Group |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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