Correlation Between CSSC Offshore and Suzhou Douson
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By analyzing existing cross correlation between CSSC Offshore Marine and Suzhou Douson Drilling, you can compare the effects of market volatilities on CSSC Offshore and Suzhou Douson 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 Suzhou Douson. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Suzhou Douson.
Diversification Opportunities for CSSC Offshore and Suzhou Douson
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CSSC and Suzhou is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Suzhou Douson Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Douson Drilling 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 Suzhou Douson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Douson Drilling has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Suzhou Douson go up and down completely randomly.
Pair Corralation between CSSC Offshore and Suzhou Douson
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Suzhou Douson. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 2.62 times less risky than Suzhou Douson. The stock trades about -0.07 of its potential returns per unit of risk. The Suzhou Douson Drilling is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,362 in Suzhou Douson Drilling on October 30, 2024 and sell it today you would earn a total of 257.00 from holding Suzhou Douson Drilling or generate 10.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Suzhou Douson Drilling
Performance |
| Timeline |
| CSSC Offshore Marine |
| Suzhou Douson Drilling |
CSSC Offshore and Suzhou Douson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Suzhou Douson
The main advantage of trading using opposite CSSC Offshore and Suzhou Douson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Suzhou Douson 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 Suzhou Douson will offset losses from the drop in Suzhou Douson's long position.| CSSC Offshore vs. Bank of China | CSSC Offshore vs. Kweichow Moutai Co | CSSC Offshore vs. PetroChina Co Ltd | CSSC Offshore vs. Bank of Communications |
| Suzhou Douson vs. Chengdu Xingrong Investment | Suzhou Douson vs. Everdisplay Optronics Shanghai | Suzhou Douson vs. Lander Sports Development | Suzhou Douson vs. Xizi Clean Energy |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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