Correlation Between Bank of Suzhou and Shenyang Huitian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of Suzhou and Shenyang Huitian Thermal, you can compare the effects of market volatilities on Bank of Suzhou and Shenyang Huitian 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 Bank of Suzhou with a short position of Shenyang Huitian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Suzhou and Shenyang Huitian.
Diversification Opportunities for Bank of Suzhou and Shenyang Huitian
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bank and Shenyang is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Suzhou and Shenyang Huitian Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Huitian Thermal and Bank of Suzhou 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 Bank of Suzhou are associated (or correlated) with Shenyang Huitian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Huitian Thermal has no effect on the direction of Bank of Suzhou i.e., Bank of Suzhou and Shenyang Huitian go up and down completely randomly.
Pair Corralation between Bank of Suzhou and Shenyang Huitian
Assuming the 90 days trading horizon Bank of Suzhou is expected to generate 0.25 times more return on investment than Shenyang Huitian. However, Bank of Suzhou is 3.98 times less risky than Shenyang Huitian. It trades about 0.07 of its potential returns per unit of risk. Shenyang Huitian Thermal is currently generating about -0.12 per unit of risk. If you would invest 794.00 in Bank of Suzhou on October 12, 2024 and sell it today you would earn a total of 12.00 from holding Bank of Suzhou or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Suzhou vs. Shenyang Huitian Thermal
Performance |
| Timeline |
| Bank of Suzhou |
| Shenyang Huitian Thermal |
Bank of Suzhou and Shenyang Huitian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Suzhou and Shenyang Huitian
The main advantage of trading using opposite Bank of Suzhou and Shenyang Huitian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Suzhou position performs unexpectedly, Shenyang Huitian 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 Shenyang Huitian will offset losses from the drop in Shenyang Huitian's long position.| Bank of Suzhou vs. Qingdao Haier Biomedical | Bank of Suzhou vs. Nanjing Vishee Medical | Bank of Suzhou vs. Hainan Haiqi Transportation | Bank of Suzhou vs. Zhongzhu Medical Holdings |
| Shenyang Huitian vs. Ping An Insurance | Shenyang Huitian vs. Bank of Suzhou | Shenyang Huitian vs. Xiamen Bank Co | Shenyang Huitian vs. Digiwin Software Co |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |