Correlation Between CSSC Offshore and Changjiang Publishing
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By analyzing existing cross correlation between CSSC Offshore Marine and Changjiang Publishing Media, you can compare the effects of market volatilities on CSSC Offshore and Changjiang Publishing 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 Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Changjiang Publishing.
Diversification Opportunities for CSSC Offshore and Changjiang Publishing
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CSSC and Changjiang is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Changjiang Publishing go up and down completely randomly.
Pair Corralation between CSSC Offshore and Changjiang Publishing
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Changjiang Publishing. In addition to that, CSSC Offshore is 1.08 times more volatile than Changjiang Publishing Media. It trades about -0.09 of its total potential returns per unit of risk. Changjiang Publishing Media is currently generating about 0.04 per unit of volatility. If you would invest 845.00 in Changjiang Publishing Media on September 3, 2024 and sell it today you would earn a total of 10.00 from holding Changjiang Publishing Media or generate 1.18% 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. Changjiang Publishing Media
Performance |
| Timeline |
| CSSC Offshore Marine |
| Changjiang Publishing |
CSSC Offshore and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Changjiang Publishing
The main advantage of trading using opposite CSSC Offshore and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| CSSC Offshore vs. Shandong Mining Machinery | CSSC Offshore vs. Shengda Mining Co | CSSC Offshore vs. Bangyan Technology Co | CSSC Offshore vs. Hainan Mining Co |
| Changjiang Publishing vs. Gansu Jiu Steel | Changjiang Publishing vs. Ming Yang Smart | Changjiang Publishing vs. Aba Chemicals Corp | Changjiang Publishing vs. Loctek Ergonomic Technology |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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