Correlation Between Anker Innovations and Suzhou Novoprotein
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By analyzing existing cross correlation between Anker Innovations Technology and Suzhou Novoprotein Scientific, you can compare the effects of market volatilities on Anker Innovations and Suzhou Novoprotein 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 Anker Innovations with a short position of Suzhou Novoprotein. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anker Innovations and Suzhou Novoprotein.
Diversification Opportunities for Anker Innovations and Suzhou Novoprotein
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anker and Suzhou is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Anker Innovations Technology and Suzhou Novoprotein Scientific in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Novoprotein and Anker Innovations 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 Anker Innovations Technology are associated (or correlated) with Suzhou Novoprotein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Novoprotein has no effect on the direction of Anker Innovations i.e., Anker Innovations and Suzhou Novoprotein go up and down completely randomly.
Pair Corralation between Anker Innovations and Suzhou Novoprotein
Assuming the 90 days trading horizon Anker Innovations Technology is expected to generate 1.06 times more return on investment than Suzhou Novoprotein. However, Anker Innovations is 1.06 times more volatile than Suzhou Novoprotein Scientific. It trades about 0.1 of its potential returns per unit of risk. Suzhou Novoprotein Scientific is currently generating about -0.02 per unit of risk. If you would invest 5,728 in Anker Innovations Technology on October 20, 2024 and sell it today you would earn a total of 4,987 from holding Anker Innovations Technology or generate 87.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anker Innovations Technology vs. Suzhou Novoprotein Scientific
Performance |
| Timeline |
| Anker Innovations |
| Suzhou Novoprotein |
Anker Innovations and Suzhou Novoprotein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anker Innovations and Suzhou Novoprotein
The main advantage of trading using opposite Anker Innovations and Suzhou Novoprotein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anker Innovations position performs unexpectedly, Suzhou Novoprotein 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 Novoprotein will offset losses from the drop in Suzhou Novoprotein's long position.| Anker Innovations vs. Agricultural Bank of | Anker Innovations vs. Industrial and Commercial | Anker Innovations vs. Bank of China | Anker Innovations vs. China Construction Bank |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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