Correlation Between Shandong and Bank of Suzhou
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By analyzing existing cross correlation between Shandong Hi Speed RoadBridge and Bank of Suzhou, you can compare the effects of market volatilities on Shandong and Bank of Suzhou 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 Shandong with a short position of Bank of Suzhou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong and Bank of Suzhou.
Diversification Opportunities for Shandong and Bank of Suzhou
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shandong and Bank is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Hi Speed RoadBridge and Bank of Suzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Suzhou and Shandong 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 Shandong Hi Speed RoadBridge are associated (or correlated) with Bank of Suzhou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Suzhou has no effect on the direction of Shandong i.e., Shandong and Bank of Suzhou go up and down completely randomly.
Pair Corralation between Shandong and Bank of Suzhou
Assuming the 90 days trading horizon Shandong Hi Speed RoadBridge is expected to generate 1.29 times more return on investment than Bank of Suzhou. However, Shandong is 1.29 times more volatile than Bank of Suzhou. It trades about 0.14 of its potential returns per unit of risk. Bank of Suzhou is currently generating about -0.22 per unit of risk. If you would invest 559.00 in Shandong Hi Speed RoadBridge on November 30, 2024 and sell it today you would earn a total of 14.00 from holding Shandong Hi Speed RoadBridge or generate 2.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Shandong Hi Speed RoadBridge vs. Bank of Suzhou
Performance |
Timeline |
Shandong Hi Speed |
Bank of Suzhou |
Shandong and Bank of Suzhou Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shandong and Bank of Suzhou
The main advantage of trading using opposite Shandong and Bank of Suzhou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong position performs unexpectedly, Bank of Suzhou 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 Bank of Suzhou will offset losses from the drop in Bank of Suzhou's long position.Shandong vs. Xinjiang Baodi Mining | ||
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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