Correlation Between CSSC Offshore and Impinj
Can any of the company-specific risk be diversified away by investing in both CSSC Offshore and Impinj at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CSSC Offshore and Impinj into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CSSC Offshore Marine and Impinj Inc, you can compare the effects of market volatilities on CSSC Offshore and Impinj 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 CSSC Offshore with a short position of Impinj. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and Impinj.
Diversification Opportunities for CSSC Offshore and Impinj
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between CSSC and Impinj is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and Impinj Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impinj Inc and CSSC Offshore 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 CSSC Offshore Marine are associated (or correlated) with Impinj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impinj Inc has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and Impinj go up and down completely randomly.
Pair Corralation between CSSC Offshore and Impinj
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to under-perform the Impinj. In addition to that, CSSC Offshore is 1.04 times more volatile than Impinj Inc. It trades about -0.06 of its total potential returns per unit of risk. Impinj Inc is currently generating about 0.06 per unit of volatility. If you would invest 14,950 in Impinj Inc on September 3, 2024 and sell it today you would earn a total of 2,990 from holding Impinj Inc or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CSSC Offshore Marine vs. Impinj Inc
Performance |
| Timeline |
| CSSC Offshore Marine |
| Impinj Inc |
CSSC Offshore and Impinj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CSSC Offshore and Impinj
The main advantage of trading using opposite CSSC Offshore and Impinj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, Impinj 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 Impinj will offset losses from the drop in Impinj's long position.| CSSC Offshore vs. SBA Communications Corp | CSSC Offshore vs. FIREWEED METALS P | CSSC Offshore vs. Jacquet Metal Service | CSSC Offshore vs. Shenandoah Telecommunications |
| Impinj vs. CSSC Offshore Marine | Impinj vs. COSMOSTEEL HLDGS | Impinj vs. CosmoSteel Holdings Limited | Impinj vs. RELIANCE STEEL AL |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |