Correlation Between CSSC Offshore and Vohringer Home
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By analyzing existing cross correlation between CSSC Offshore Marine and Vohringer Home Technology, you can compare the effects of market volatilities on CSSC Offshore and Vohringer Home 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 Vohringer Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Vohringer Home.
Diversification Opportunities for CSSC Offshore and Vohringer Home
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CSSC and Vohringer is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Vohringer Home Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vohringer Home Technology 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 Vohringer Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vohringer Home Technology has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Vohringer Home go up and down completely randomly.
Pair Corralation between CSSC Offshore and Vohringer Home
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Vohringer Home. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 1.68 times less risky than Vohringer Home. The stock trades about -0.07 of its potential returns per unit of risk. The Vohringer Home Technology is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 410.00 in Vohringer Home Technology on August 25, 2024 and sell it today you would earn a total of 83.00 from holding Vohringer Home Technology or generate 20.24% 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. Vohringer Home Technology
Performance |
| Timeline |
| CSSC Offshore Marine |
| Vohringer Home Technology |
CSSC Offshore and Vohringer Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Vohringer Home
The main advantage of trading using opposite CSSC Offshore and Vohringer Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Vohringer Home 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 Vohringer Home will offset losses from the drop in Vohringer Home's long position.| CSSC Offshore vs. Jiangyin Jianghua Microelectronics | CSSC Offshore vs. Fuzhou Rockchip Electronics | CSSC Offshore vs. Kunshan Guoli Electronic | CSSC Offshore vs. Bomin Electronics Co |
| Vohringer Home vs. Zijin Mining Group | Vohringer Home vs. Wanhua Chemical Group | Vohringer Home vs. Baoshan Iron Steel | Vohringer Home 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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