Correlation Between Juewei Food and CSSC Offshore
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By analyzing existing cross correlation between Juewei Food Co and CSSC Offshore Marine, you can compare the effects of market volatilities on Juewei Food 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 Juewei Food with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and CSSC Offshore.
Diversification Opportunities for Juewei Food and CSSC Offshore
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Juewei and CSSC is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co 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 Juewei Food 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 Juewei Food Co 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 Juewei Food i.e., Juewei Food and CSSC Offshore go up and down completely randomly.
Pair Corralation between Juewei Food and CSSC Offshore
Assuming the 90 days trading horizon Juewei Food Co is expected to generate 1.92 times more return on investment than CSSC Offshore. However, Juewei Food is 1.92 times more volatile than CSSC Offshore Marine. It trades about 0.11 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.11 per unit of risk. If you would invest 1,745 in Juewei Food Co on August 24, 2024 and sell it today you would earn a total of 155.00 from holding Juewei Food Co or generate 8.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. CSSC Offshore Marine
Performance |
| Timeline |
| Juewei Food |
| CSSC Offshore Marine |
Juewei Food and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and CSSC Offshore
The main advantage of trading using opposite Juewei Food and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food 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.| Juewei Food vs. Jiujiang Shanshui Technology | Juewei Food vs. Crown Advanced Material | Juewei Food vs. Guangdong Xiongsu Technology | Juewei Food vs. King Strong New Material |
| CSSC Offshore vs. Winner Medical Co | CSSC Offshore vs. Xian International Medical | CSSC Offshore vs. Anhui Transport Consulting | CSSC Offshore vs. Zhonghong Pulin Medical |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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