Correlation Between Bomin Electronics and CSSC Offshore
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By analyzing existing cross correlation between Bomin Electronics Co and CSSC Offshore Marine, you can compare the effects of market volatilities on Bomin Electronics 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 Bomin Electronics with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bomin Electronics and CSSC Offshore.
Diversification Opportunities for Bomin Electronics and CSSC Offshore
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bomin and CSSC is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Bomin Electronics 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 Bomin Electronics 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 Bomin Electronics 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 Bomin Electronics i.e., Bomin Electronics and CSSC Offshore go up and down completely randomly.
Pair Corralation between Bomin Electronics and CSSC Offshore
Assuming the 90 days trading horizon Bomin Electronics Co is expected to under-perform the CSSC Offshore. In addition to that, Bomin Electronics is 1.49 times more volatile than CSSC Offshore Marine. It trades about -0.05 of its total potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.07 per unit of volatility. If you would invest 2,550 in CSSC Offshore Marine on August 25, 2024 and sell it today you would lose (89.00) from holding CSSC Offshore Marine or give up 3.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bomin Electronics Co vs. CSSC Offshore Marine
Performance |
| Timeline |
| Bomin Electronics |
| CSSC Offshore Marine |
Bomin Electronics and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bomin Electronics and CSSC Offshore
The main advantage of trading using opposite Bomin Electronics and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bomin Electronics 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.| Bomin Electronics vs. Nanjing Putian Telecommunications | Bomin Electronics vs. Shenzhen Hifuture Electric | Bomin Electronics vs. Shenyang Huitian Thermal | Bomin Electronics vs. Jiangsu Xinning Modern |
| CSSC Offshore vs. Jiangyin Jianghua Microelectronics | CSSC Offshore vs. Fuzhou Rockchip Electronics | CSSC Offshore vs. Kunshan Guoli Electronic | CSSC Offshore vs. Bomin Electronics 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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