Correlation Between Shuhua Sports and CSSC Offshore
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By analyzing existing cross correlation between Shuhua Sports Co and CSSC Offshore Marine, you can compare the effects of market volatilities on Shuhua Sports 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 Shuhua Sports with a short position of CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shuhua Sports and CSSC Offshore.
Diversification Opportunities for Shuhua Sports and CSSC Offshore
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shuhua and CSSC is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shuhua Sports 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 Shuhua Sports 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 Shuhua Sports 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 Shuhua Sports i.e., Shuhua Sports and CSSC Offshore go up and down completely randomly.
Pair Corralation between Shuhua Sports and CSSC Offshore
Assuming the 90 days trading horizon Shuhua Sports Co is expected to generate 2.03 times more return on investment than CSSC Offshore. However, Shuhua Sports is 2.03 times more volatile than CSSC Offshore Marine. It trades about 0.05 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.13 per unit of risk. If you would invest 770.00 in Shuhua Sports Co on November 6, 2024 and sell it today you would earn a total of 45.00 from holding Shuhua Sports Co or generate 5.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shuhua Sports Co vs. CSSC Offshore Marine
Performance |
| Timeline |
| Shuhua Sports |
| CSSC Offshore Marine |
Shuhua Sports and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shuhua Sports and CSSC Offshore
The main advantage of trading using opposite Shuhua Sports and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shuhua Sports 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.| Shuhua Sports vs. Guangdong Silvere Sci | Shuhua Sports vs. Tibet Huayu Mining | Shuhua Sports vs. Guocheng Mining Co | Shuhua Sports vs. China Sports Industry |
| CSSC Offshore vs. Hubeiyichang Transportation Group | CSSC Offshore vs. Dymatic Chemicals | CSSC Offshore vs. Hengli Petrochemical Co | CSSC Offshore vs. Lier Chemical 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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