Correlation Between Saurer Intelligent and Suzhou Douson
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By analyzing existing cross correlation between Saurer Intelligent Technology and Suzhou Douson Drilling, you can compare the effects of market volatilities on Saurer Intelligent and Suzhou Douson 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 Saurer Intelligent with a short position of Suzhou Douson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and Suzhou Douson.
Diversification Opportunities for Saurer Intelligent and Suzhou Douson
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and Suzhou is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and Suzhou Douson Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Douson Drilling and Saurer Intelligent 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 Saurer Intelligent Technology are associated (or correlated) with Suzhou Douson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Douson Drilling has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and Suzhou Douson go up and down completely randomly.
Pair Corralation between Saurer Intelligent and Suzhou Douson
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to under-perform the Suzhou Douson. In addition to that, Saurer Intelligent is 1.03 times more volatile than Suzhou Douson Drilling. It trades about -0.01 of its total potential returns per unit of risk. Suzhou Douson Drilling is currently generating about -0.01 per unit of volatility. If you would invest 2,927 in Suzhou Douson Drilling on August 24, 2024 and sell it today you would lose (687.00) from holding Suzhou Douson Drilling or give up 23.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saurer Intelligent Technology vs. Suzhou Douson Drilling
Performance |
| Timeline |
| Saurer Intelligent |
| Suzhou Douson Drilling |
Saurer Intelligent and Suzhou Douson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and Suzhou Douson
The main advantage of trading using opposite Saurer Intelligent and Suzhou Douson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, Suzhou Douson 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 Douson will offset losses from the drop in Suzhou Douson's long position.| Saurer Intelligent vs. Meinian Onehealth Healthcare | Saurer Intelligent vs. Nanxing Furniture Machinery | Saurer Intelligent vs. China Railway Construction | Saurer Intelligent vs. Qijing Machinery |
| Suzhou Douson vs. Zhejiang Kingland Pipeline | Suzhou Douson vs. Ming Yang Smart | Suzhou Douson vs. 159005 | Suzhou Douson vs. Loctek Ergonomic 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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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