Correlation Between TianJin 712 and CSSC Offshore
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By analyzing existing cross correlation between TianJin 712 Communication and CSSC Offshore Marine, you can compare the effects of market volatilities on TianJin 712 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 TianJin 712 with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of TianJin 712 and CSSC Offshore.
Diversification Opportunities for TianJin 712 and CSSC Offshore
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between TianJin and CSSC is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding TianJin 712 Communication 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 TianJin 712 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 TianJin 712 Communication 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 TianJin 712 i.e., TianJin 712 and CSSC Offshore go up and down completely randomly.
Pair Corralation between TianJin 712 and CSSC Offshore
Assuming the 90 days trading horizon TianJin 712 Communication is expected to under-perform the CSSC Offshore. In addition to that, TianJin 712 is 1.17 times more volatile than CSSC Offshore Marine. It trades about -0.04 of its total potential returns per unit of risk. CSSC Offshore Marine is currently generating about 0.01 per unit of volatility. If you would invest 2,221 in CSSC Offshore Marine on October 11, 2024 and sell it today you would earn a total of 70.00 from holding CSSC Offshore Marine or generate 3.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TianJin 712 Communication vs. CSSC Offshore Marine
Performance |
| Timeline |
| TianJin 712 Communication |
| CSSC Offshore Marine |
TianJin 712 and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TianJin 712 and CSSC Offshore
The main advantage of trading using opposite TianJin 712 and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TianJin 712 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.| TianJin 712 vs. SUNSEA Telecommunications Co | TianJin 712 vs. Weihai Honglin Electronic | TianJin 712 vs. Zhonghang Electronic Measuring | TianJin 712 vs. Songz Automobile Air |
| CSSC Offshore vs. Beijing Baolande Software | CSSC Offshore vs. TianJin 712 Communication | CSSC Offshore vs. Guangdong Shenglu Telecommunication | CSSC Offshore vs. Digiwin Software 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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