Correlation Between CSSC Offshore and Ningbo Jintian
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By analyzing existing cross correlation between CSSC Offshore Marine and Ningbo Jintian Copper, you can compare the effects of market volatilities on CSSC Offshore and Ningbo Jintian 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 Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Ningbo Jintian.
Diversification Opportunities for CSSC Offshore and Ningbo Jintian
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between CSSC and Ningbo is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper 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 Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Ningbo Jintian go up and down completely randomly.
Pair Corralation between CSSC Offshore and Ningbo Jintian
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Ningbo Jintian. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 1.24 times less risky than Ningbo Jintian. The stock trades about -0.16 of its potential returns per unit of risk. The Ningbo Jintian Copper is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 627.00 in Ningbo Jintian Copper on October 28, 2024 and sell it today you would lose (19.00) from holding Ningbo Jintian Copper or give up 3.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Ningbo Jintian Copper
Performance |
| Timeline |
| CSSC Offshore Marine |
| Ningbo Jintian Copper |
CSSC Offshore and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Ningbo Jintian
The main advantage of trading using opposite CSSC Offshore and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| CSSC Offshore vs. Caihong Display Devices | CSSC Offshore vs. Jiangsu Jinling Sports | CSSC Offshore vs. Shuhua Sports Co | CSSC Offshore vs. Shenzhen AV Display Co |
| Ningbo Jintian vs. Zijin Mining Group | Ningbo Jintian vs. Wanhua Chemical Group | Ningbo Jintian vs. Baoshan Iron Steel | Ningbo Jintian vs. Shandong Gold Mining |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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