Correlation Between CSSC Offshore and Eastern Air
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By analyzing existing cross correlation between CSSC Offshore Marine and Eastern Air Logistics, you can compare the effects of market volatilities on CSSC Offshore and Eastern Air 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 Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Eastern Air.
Diversification Opportunities for CSSC Offshore and Eastern Air
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CSSC and Eastern is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics 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 Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Eastern Air go up and down completely randomly.
Pair Corralation between CSSC Offshore and Eastern Air
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to generate 1.16 times more return on investment than Eastern Air. However, CSSC Offshore is 1.16 times more volatile than Eastern Air Logistics. It trades about -0.08 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about -0.31 per unit of risk. If you would invest 2,355 in CSSC Offshore Marine on December 8, 2024 and sell it today you would lose (42.00) from holding CSSC Offshore Marine or give up 1.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Eastern Air Logistics
Performance |
| Timeline |
| CSSC Offshore Marine |
| Eastern Air Logistics |
CSSC Offshore and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Eastern Air
The main advantage of trading using opposite CSSC Offshore and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.| CSSC Offshore vs. Jiangsu Jinling Sports | ||
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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