Correlation Between CSSC Offshore and Beijing Kingsoft
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By analyzing existing cross correlation between CSSC Offshore Marine and Beijing Kingsoft Office, you can compare the effects of market volatilities on CSSC Offshore and Beijing Kingsoft 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 Beijing Kingsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Beijing Kingsoft.
Diversification Opportunities for CSSC Offshore and Beijing Kingsoft
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between CSSC and Beijing is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Beijing Kingsoft Office in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kingsoft Office 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 Beijing Kingsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kingsoft Office has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Beijing Kingsoft go up and down completely randomly.
Pair Corralation between CSSC Offshore and Beijing Kingsoft
Assuming the 90 days trading horizon CSSC Offshore is expected to generate 2.43 times less return on investment than Beijing Kingsoft. But when comparing it to its historical volatility, CSSC Offshore Marine is 1.63 times less risky than Beijing Kingsoft. It trades about 0.01 of its potential returns per unit of risk. Beijing Kingsoft Office is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 30,251 in Beijing Kingsoft Office on October 29, 2024 and sell it today you would earn a total of 252.00 from holding Beijing Kingsoft Office or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Beijing Kingsoft Office
Performance |
| Timeline |
| CSSC Offshore Marine |
| Beijing Kingsoft Office |
CSSC Offshore and Beijing Kingsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Beijing Kingsoft
The main advantage of trading using opposite CSSC Offshore and Beijing Kingsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Beijing Kingsoft 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 Beijing Kingsoft will offset losses from the drop in Beijing Kingsoft's long position.| CSSC Offshore vs. Anhui Transport Consulting | CSSC Offshore vs. Hubei Geoway Investment | CSSC Offshore vs. Beijing Mainstreets Investment | CSSC Offshore vs. Shenzhen Centralcon Investment |
| Beijing Kingsoft vs. Shantui Construction Machinery | Beijing Kingsoft vs. Anhui Huilong Agricultural | Beijing Kingsoft vs. Qumei Furniture Group | Beijing Kingsoft vs. Nanxing Furniture Machinery |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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