Correlation Between Suzhou Industrial and Haima Automobile
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By analyzing existing cross correlation between Suzhou Industrial Park and Haima Automobile Group, you can compare the effects of market volatilities on Suzhou Industrial and Haima Automobile 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 Suzhou Industrial with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Industrial and Haima Automobile.
Diversification Opportunities for Suzhou Industrial and Haima Automobile
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Suzhou and Haima is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Industrial Park and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Suzhou Industrial 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 Suzhou Industrial Park are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Suzhou Industrial i.e., Suzhou Industrial and Haima Automobile go up and down completely randomly.
Pair Corralation between Suzhou Industrial and Haima Automobile
Assuming the 90 days trading horizon Suzhou Industrial Park is expected to generate 1.05 times more return on investment than Haima Automobile. However, Suzhou Industrial is 1.05 times more volatile than Haima Automobile Group. It trades about 0.01 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.0 per unit of risk. If you would invest 956.00 in Suzhou Industrial Park on October 31, 2024 and sell it today you would lose (92.00) from holding Suzhou Industrial Park or give up 9.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Industrial Park vs. Haima Automobile Group
Performance |
| Timeline |
| Suzhou Industrial Park |
| Haima Automobile |
Suzhou Industrial and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Industrial and Haima Automobile
The main advantage of trading using opposite Suzhou Industrial and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Industrial position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Suzhou Industrial vs. Gansu Huangtai Wine marketing | Suzhou Industrial vs. JuneYao Dairy Co | Suzhou Industrial vs. Shanghai Jinfeng Wine | Suzhou Industrial vs. Xiangpiaopiao Food Co |
| Haima Automobile vs. Xiwang Foodstuffs Co | Haima Automobile vs. Xiamen Jihong Package | Haima Automobile vs. Eyebright Medical Technology | Haima Automobile vs. Sinofibers Technology 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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