Correlation Between Soochow Suzhou and HanS Laser
Specify exactly 2 symbols:
By analyzing existing cross correlation between Soochow Suzhou Industrial and HanS Laser Tech, you can compare the effects of market volatilities on Soochow Suzhou and HanS Laser 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 Soochow Suzhou with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soochow Suzhou and HanS Laser.
Diversification Opportunities for Soochow Suzhou and HanS Laser
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Soochow and HanS is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Soochow Suzhou Industrial and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Soochow 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 Soochow Suzhou Industrial are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Soochow Suzhou i.e., Soochow Suzhou and HanS Laser go up and down completely randomly.
Pair Corralation between Soochow Suzhou and HanS Laser
Assuming the 90 days trading horizon Soochow Suzhou Industrial is expected to generate 0.43 times more return on investment than HanS Laser. However, Soochow Suzhou Industrial is 2.34 times less risky than HanS Laser. It trades about 0.31 of its potential returns per unit of risk. HanS Laser Tech is currently generating about -0.03 per unit of risk. If you would invest 327.00 in Soochow Suzhou Industrial on October 30, 2024 and sell it today you would earn a total of 34.00 from holding Soochow Suzhou Industrial or generate 10.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soochow Suzhou Industrial vs. HanS Laser Tech
Performance |
| Timeline |
| Soochow Suzhou Industrial |
| HanS Laser Tech |
Soochow Suzhou and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soochow Suzhou and HanS Laser
The main advantage of trading using opposite Soochow Suzhou and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soochow Suzhou position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Soochow Suzhou vs. Industrial and Commercial | Soochow Suzhou vs. Kweichow Moutai Co | Soochow Suzhou vs. Agricultural Bank of | Soochow Suzhou vs. China Mobile Limited |
| HanS Laser vs. Guangdong Jingyi Metal | HanS Laser vs. North Copper Shanxi | HanS Laser vs. Uroica Mining Safety | HanS Laser vs. Northking Information Technology |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |