Correlation Between Ningbo Fujia and Suzhou Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ningbo Fujia Industrial and Suzhou Industrial Park, you can compare the effects of market volatilities on Ningbo Fujia and Suzhou Industrial 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 Ningbo Fujia with a short position of Suzhou Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Fujia and Suzhou Industrial.
Diversification Opportunities for Ningbo Fujia and Suzhou Industrial
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Suzhou is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fujia Industrial and Suzhou Industrial Park in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Industrial Park and Ningbo Fujia 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 Ningbo Fujia Industrial are associated (or correlated) with Suzhou Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Industrial Park has no effect on the direction of Ningbo Fujia i.e., Ningbo Fujia and Suzhou Industrial go up and down completely randomly.
Pair Corralation between Ningbo Fujia and Suzhou Industrial
Assuming the 90 days trading horizon Ningbo Fujia Industrial is expected to under-perform the Suzhou Industrial. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Fujia Industrial is 2.07 times less risky than Suzhou Industrial. The stock trades about 0.0 of its potential returns per unit of risk. The Suzhou Industrial Park is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 984.00 in Suzhou Industrial Park on October 15, 2024 and sell it today you would lose (28.00) from holding Suzhou Industrial Park or give up 2.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Fujia Industrial vs. Suzhou Industrial Park
Performance |
| Timeline |
| Ningbo Fujia Industrial |
| Suzhou Industrial Park |
Ningbo Fujia and Suzhou Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Fujia and Suzhou Industrial
The main advantage of trading using opposite Ningbo Fujia and Suzhou Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Fujia position performs unexpectedly, Suzhou Industrial 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 Industrial will offset losses from the drop in Suzhou Industrial's long position.| Ningbo Fujia vs. Jiangsu Yueda Investment | Ningbo Fujia vs. Jiangsu Jinling Sports | Ningbo Fujia vs. Hunan Investment Group | Ningbo Fujia vs. Dazhong Transportation Group |
| Suzhou Industrial vs. Jiangsu Xinri E Vehicle | Suzhou Industrial vs. Jiangsu Jinling Sports | Suzhou Industrial vs. Songz Automobile Air | Suzhou Industrial vs. Shuhua Sports Co |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |