Correlation Between Dezhan HealthCare and Suzhou Xingye
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By analyzing existing cross correlation between Dezhan HealthCare Co and Suzhou Xingye Material, you can compare the effects of market volatilities on Dezhan HealthCare and Suzhou Xingye 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 Dezhan HealthCare with a short position of Suzhou Xingye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Suzhou Xingye.
Diversification Opportunities for Dezhan HealthCare and Suzhou Xingye
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dezhan and Suzhou is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Suzhou Xingye Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Xingye Material and Dezhan HealthCare 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 Dezhan HealthCare Co are associated (or correlated) with Suzhou Xingye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Xingye Material has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Suzhou Xingye go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Suzhou Xingye
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to generate 1.02 times more return on investment than Suzhou Xingye. However, Dezhan HealthCare is 1.02 times more volatile than Suzhou Xingye Material. It trades about 0.0 of its potential returns per unit of risk. Suzhou Xingye Material is currently generating about -0.01 per unit of risk. If you would invest 362.00 in Dezhan HealthCare Co on October 11, 2024 and sell it today you would lose (46.00) from holding Dezhan HealthCare Co or give up 12.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Suzhou Xingye Material
Performance |
| Timeline |
| Dezhan HealthCare |
| Suzhou Xingye Material |
Dezhan HealthCare and Suzhou Xingye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Suzhou Xingye
The main advantage of trading using opposite Dezhan HealthCare and Suzhou Xingye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Suzhou Xingye 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 Suzhou Xingye will offset losses from the drop in Suzhou Xingye's long position.| Dezhan HealthCare vs. Shandong Polymer Biochemicals | Dezhan HealthCare vs. Xinxiang Chemical Fiber | Dezhan HealthCare vs. Dymatic Chemicals | Dezhan HealthCare vs. Maoming Petro Chemical Shihua |
| Suzhou Xingye vs. Zijin Mining Group | Suzhou Xingye vs. Wanhua Chemical Group | Suzhou Xingye vs. Baoshan Iron Steel | Suzhou Xingye vs. Shandong Gold 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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