Correlation Between China Cgame and Hess Midstream
Can any of the company-specific risk be diversified away by investing in both China Cgame and Hess Midstream 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 China Cgame and Hess Midstream into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between China Cgame and Hess Midstream Partners, you can compare the effects of market volatilities on China Cgame and Hess Midstream 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 China Cgame with a short position of Hess Midstream. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Cgame and Hess Midstream.
Diversification Opportunities for China Cgame and Hess Midstream
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and Hess is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Cgame and Hess Midstream Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hess Midstream Partners and China Cgame 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 China Cgame are associated (or correlated) with Hess Midstream. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hess Midstream Partners has no effect on the direction of China Cgame i.e., China Cgame and Hess Midstream go up and down completely randomly.
Pair Corralation between China Cgame and Hess Midstream
If you would invest 0.01 in China Cgame on September 12, 2025 and sell it today you would earn a total of 0.00 from holding China Cgame or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Cgame vs. Hess Midstream Partners
Performance |
| Timeline |
| China Cgame |
| Hess Midstream Partners |
China Cgame and Hess Midstream Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Cgame and Hess Midstream
The main advantage of trading using opposite China Cgame and Hess Midstream positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Cgame position performs unexpectedly, Hess Midstream 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 Hess Midstream will offset losses from the drop in Hess Midstream's long position.| China Cgame vs. SurgLine International | China Cgame vs. Transportation and Logistics | China Cgame vs. Meridian Holdings | China Cgame vs. ParkVida Group |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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