Correlation Between Changjiang Publishing and CSSC Offshore
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By analyzing existing cross correlation between Changjiang Publishing Media and CSSC Offshore Marine, you can compare the effects of market volatilities on Changjiang Publishing and CSSC Offshore 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 Changjiang Publishing with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and CSSC Offshore.
Diversification Opportunities for Changjiang Publishing and CSSC Offshore
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Changjiang and CSSC is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and CSSC Offshore Marine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSSC Offshore Marine and Changjiang Publishing 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 Changjiang Publishing Media are associated (or correlated) with CSSC Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSSC Offshore Marine has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and CSSC Offshore go up and down completely randomly.
Pair Corralation between Changjiang Publishing and CSSC Offshore
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 0.93 times more return on investment than CSSC Offshore. However, Changjiang Publishing Media is 1.08 times less risky than CSSC Offshore. It trades about 0.04 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.09 per unit of risk. If you would invest 845.00 in Changjiang Publishing Media on September 3, 2024 and sell it today you would earn a total of 10.00 from holding Changjiang Publishing Media or generate 1.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. CSSC Offshore Marine
Performance |
| Timeline |
| Changjiang Publishing |
| CSSC Offshore Marine |
Changjiang Publishing and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and CSSC Offshore
The main advantage of trading using opposite Changjiang Publishing and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, CSSC Offshore 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 CSSC Offshore will offset losses from the drop in CSSC Offshore's long position.| Changjiang Publishing vs. Gansu Jiu Steel | Changjiang Publishing vs. Ming Yang Smart | Changjiang Publishing vs. Aba Chemicals Corp | Changjiang Publishing vs. Loctek Ergonomic Technology |
| CSSC Offshore vs. Shandong Mining Machinery | CSSC Offshore vs. Shengda Mining Co | CSSC Offshore vs. Bangyan Technology Co | CSSC Offshore vs. Hainan Mining Co |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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