Correlation Between CSSC Offshore and MOVIE GAMES
Can any of the company-specific risk be diversified away by investing in both CSSC Offshore and MOVIE GAMES 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 MOVIE GAMES 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 MOVIE GAMES SA, you can compare the effects of market volatilities on CSSC Offshore and MOVIE GAMES 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 MOVIE GAMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSSC Offshore and MOVIE GAMES.
Diversification Opportunities for CSSC Offshore and MOVIE GAMES
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CSSC and MOVIE is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding CSSC Offshore Marine and MOVIE GAMES SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOVIE GAMES SA 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 MOVIE GAMES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOVIE GAMES SA has no effect on the direction of CSSC Offshore i.e., CSSC Offshore and MOVIE GAMES go up and down completely randomly.
Pair Corralation between CSSC Offshore and MOVIE GAMES
Assuming the 90 days trading horizon CSSC Offshore Marine is expected to generate 0.05 times more return on investment than MOVIE GAMES. However, CSSC Offshore Marine is 19.26 times less risky than MOVIE GAMES. It trades about 0.13 of its potential returns per unit of risk. MOVIE GAMES SA is currently generating about -0.05 per unit of risk. If you would invest 121.00 in CSSC Offshore Marine on April 25, 2025 and sell it today you would earn a total of 1.00 from holding CSSC Offshore Marine or generate 0.83% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
CSSC Offshore Marine vs. MOVIE GAMES SA
Performance |
Timeline |
CSSC Offshore Marine |
MOVIE GAMES SA |
CSSC Offshore and MOVIE GAMES Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CSSC Offshore and MOVIE GAMES
The main advantage of trading using opposite CSSC Offshore and MOVIE GAMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSSC Offshore position performs unexpectedly, MOVIE GAMES 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 MOVIE GAMES will offset losses from the drop in MOVIE GAMES's long position.CSSC Offshore vs. Eidesvik Offshore ASA | CSSC Offshore vs. SENECA FOODS A | CSSC Offshore vs. US FOODS HOLDING | CSSC Offshore vs. SOLSTAD OFFSHORE NK |
MOVIE GAMES vs. SUPERNOVA METALS P | MOVIE GAMES vs. Marie Brizard Wine | MOVIE GAMES vs. SYSTEMAIR AB | MOVIE GAMES vs. GOLDQUEST MINING |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Content Syndication Quickly integrate customizable finance content to your own investment portal |