Correlation Between Suzhou Fushilai and Shenzhen Clou
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By analyzing existing cross correlation between Suzhou Fushilai Pharmaceutical and Shenzhen Clou Electronics, you can compare the effects of market volatilities on Suzhou Fushilai and Shenzhen Clou 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 Fushilai with a short position of Shenzhen Clou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Fushilai and Shenzhen Clou.
Diversification Opportunities for Suzhou Fushilai and Shenzhen Clou
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Shenzhen is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Fushilai Pharmaceutical and Shenzhen Clou Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Clou Electronics and Suzhou Fushilai 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 Fushilai Pharmaceutical are associated (or correlated) with Shenzhen Clou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Clou Electronics has no effect on the direction of Suzhou Fushilai i.e., Suzhou Fushilai and Shenzhen Clou go up and down completely randomly.
Pair Corralation between Suzhou Fushilai and Shenzhen Clou
Assuming the 90 days trading horizon Suzhou Fushilai Pharmaceutical is expected to generate 1.23 times more return on investment than Shenzhen Clou. However, Suzhou Fushilai is 1.23 times more volatile than Shenzhen Clou Electronics. It trades about 0.0 of its potential returns per unit of risk. Shenzhen Clou Electronics is currently generating about -0.04 per unit of risk. If you would invest 3,901 in Suzhou Fushilai Pharmaceutical on September 14, 2024 and sell it today you would lose (1,058) from holding Suzhou Fushilai Pharmaceutical or give up 27.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Suzhou Fushilai Pharmaceutical vs. Shenzhen Clou Electronics
Performance |
| Timeline |
| Suzhou Fushilai Phar |
| Shenzhen Clou Electronics |
Suzhou Fushilai and Shenzhen Clou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Fushilai and Shenzhen Clou
The main advantage of trading using opposite Suzhou Fushilai and Shenzhen Clou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Fushilai position performs unexpectedly, Shenzhen Clou 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 Shenzhen Clou will offset losses from the drop in Shenzhen Clou's long position.| Suzhou Fushilai vs. Fujian Newland Computer | Suzhou Fushilai vs. Guangzhou Haige Communications | Suzhou Fushilai vs. Jinling Hotel Corp | Suzhou Fushilai vs. Tongyu Communication |
| Shenzhen Clou vs. Industrial and Commercial | Shenzhen Clou vs. Agricultural Bank of | Shenzhen Clou vs. China Construction Bank | Shenzhen Clou vs. Bank of China |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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