Correlation Between CSSC Offshore and Olympic Circuit
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By analyzing existing cross correlation between CSSC Offshore Marine and Olympic Circuit Technology, you can compare the effects of market volatilities on CSSC Offshore and Olympic Circuit 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 Olympic Circuit. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Olympic Circuit.
Diversification Opportunities for CSSC Offshore and Olympic Circuit
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CSSC and Olympic is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Olympic Circuit Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Olympic Circuit Tech 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 Olympic Circuit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Olympic Circuit Tech has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Olympic Circuit go up and down completely randomly.
Pair Corralation between CSSC Offshore and Olympic Circuit
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Olympic Circuit. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 2.53 times less risky than Olympic Circuit. The stock trades about -0.03 of its potential returns per unit of risk. The Olympic Circuit Technology is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 2,766 in Olympic Circuit Technology on September 4, 2024 and sell it today you would earn a total of 536.00 from holding Olympic Circuit Technology or generate 19.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Olympic Circuit Technology
Performance |
| Timeline |
| CSSC Offshore Marine |
| Olympic Circuit Tech |
CSSC Offshore and Olympic Circuit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Olympic Circuit
The main advantage of trading using opposite CSSC Offshore and Olympic Circuit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Olympic Circuit 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 Olympic Circuit will offset losses from the drop in Olympic Circuit's long position.| CSSC Offshore vs. Dymatic Chemicals | CSSC Offshore vs. Gansu Yasheng Industrial | CSSC Offshore vs. Chengtun Mining Group | CSSC Offshore vs. Miracll Chemicals Co |
| Olympic Circuit vs. Kingclean Electric Co | Olympic Circuit vs. CSSC Offshore Marine | Olympic Circuit vs. Huaibei Mining Holdings | Olympic Circuit vs. Chengtun Mining Group |
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 CEOs Directory module to screen CEOs from public companies around the world.
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