Correlation Between Citic Offshore and Tianrun Crankshaft
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By analyzing existing cross correlation between Citic Offshore Helicopter and Tianrun Crankshaft Co, you can compare the effects of market volatilities on Citic Offshore and Tianrun Crankshaft 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 Citic Offshore with a short position of Tianrun Crankshaft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Tianrun Crankshaft.
Diversification Opportunities for Citic Offshore and Tianrun Crankshaft
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Citic and Tianrun is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter and Tianrun Crankshaft Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianrun Crankshaft and Citic 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 Citic Offshore Helicopter are associated (or correlated) with Tianrun Crankshaft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianrun Crankshaft has no effect on the direction of Citic Offshore i.e., Citic Offshore and Tianrun Crankshaft go up and down completely randomly.
Pair Corralation between Citic Offshore and Tianrun Crankshaft
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to under-perform the Tianrun Crankshaft. But the stock apears to be less risky and, when comparing its historical volatility, Citic Offshore Helicopter is 1.02 times less risky than Tianrun Crankshaft. The stock trades about -0.12 of its potential returns per unit of risk. The Tianrun Crankshaft Co is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 685.00 in Tianrun Crankshaft Co on September 10, 2025 and sell it today you would lose (66.00) from holding Tianrun Crankshaft Co or give up 9.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Tianrun Crankshaft Co
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Tianrun Crankshaft |
Citic Offshore and Tianrun Crankshaft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Tianrun Crankshaft
The main advantage of trading using opposite Citic Offshore and Tianrun Crankshaft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore position performs unexpectedly, Tianrun Crankshaft 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 Tianrun Crankshaft will offset losses from the drop in Tianrun Crankshaft's long position.| Citic Offshore vs. Industrial and Commercial | Citic Offshore vs. Agricultural Bank of | Citic Offshore vs. China Construction Bank | Citic Offshore vs. Bank of China |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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