Correlation Between Changjiang Publishing and Suzhou Novoprotein
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By analyzing existing cross correlation between Changjiang Publishing Media and Suzhou Novoprotein Scientific, you can compare the effects of market volatilities on Changjiang Publishing 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 Changjiang Publishing with a short position of Suzhou Novoprotein. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Suzhou Novoprotein.
Diversification Opportunities for Changjiang Publishing and Suzhou Novoprotein
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Changjiang and Suzhou is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Suzhou Novoprotein Scientific in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Novoprotein and Changjiang Publishing 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 Changjiang Publishing Media 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 Changjiang Publishing i.e., Changjiang Publishing and Suzhou Novoprotein go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Suzhou Novoprotein
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to generate 1.41 times more return on investment than Suzhou Novoprotein. However, Changjiang Publishing is 1.41 times more volatile than Suzhou Novoprotein Scientific. It trades about 0.05 of its potential returns per unit of risk. Suzhou Novoprotein Scientific is currently generating about -0.15 per unit of risk. If you would invest 844.00 in Changjiang Publishing Media on October 26, 2024 and sell it today you would earn a total of 29.00 from holding Changjiang Publishing Media or generate 3.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Suzhou Novoprotein Scientific
Performance |
| Timeline |
| Changjiang Publishing |
| Suzhou Novoprotein |
Changjiang Publishing and Suzhou Novoprotein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Suzhou Novoprotein
The main advantage of trading using opposite Changjiang Publishing and Suzhou Novoprotein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing 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.| Changjiang Publishing vs. Bus Online Co | Changjiang Publishing vs. Holitech Technology Co | Changjiang Publishing vs. Gome Telecom Equipment | Changjiang Publishing vs. Cultural Investment Holdings |
| Suzhou Novoprotein vs. Shanghai Xinhua Media | Suzhou Novoprotein vs. Goodwill E Health | Suzhou Novoprotein vs. Changjiang Publishing Media | Suzhou Novoprotein vs. Guangzhou Jinyi Media |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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