Correlation Between CSSC Offshore and Yonyou Auto
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By analyzing existing cross correlation between CSSC Offshore Marine and Yonyou Auto Information, you can compare the effects of market volatilities on CSSC Offshore and Yonyou Auto 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 Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Yonyou Auto.
Diversification Opportunities for CSSC Offshore and Yonyou Auto
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CSSC and Yonyou is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information 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 Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Yonyou Auto go up and down completely randomly.
Pair Corralation between CSSC Offshore and Yonyou Auto
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Yonyou Auto. But the stock apears to be less risky and, when comparing its historical volatility, CSSC Offshore Marine is 2.07 times less risky than Yonyou Auto. The stock trades about -0.15 of its potential returns per unit of risk. The Yonyou Auto Information is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,816 in Yonyou Auto Information on November 30, 2024 and sell it today you would earn a total of 54.00 from holding Yonyou Auto Information or generate 2.97% 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. Yonyou Auto Information
Performance |
| Timeline |
| CSSC Offshore Marine |
| Yonyou Auto Information |
CSSC Offshore and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Yonyou Auto
The main advantage of trading using opposite CSSC Offshore and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| CSSC Offshore vs. Ping An Insurance | CSSC Offshore vs. Linewell Software Co | CSSC Offshore vs. Sinofibers Technology Co | CSSC Offshore vs. Montage Technology Co |
| Yonyou Auto vs. Anhui Transport Consulting | Yonyou Auto vs. Guangdong Jingyi Metal | Yonyou Auto vs. Aluminum Corp of | Yonyou Auto vs. Shandong Publishing Media |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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