Correlation Between Suzhou Douson and Kailong High
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By analyzing existing cross correlation between Suzhou Douson Drilling and Kailong High Technology, you can compare the effects of market volatilities on Suzhou Douson and Kailong High 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 Douson with a short position of Kailong High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Douson and Kailong High.
Diversification Opportunities for Suzhou Douson and Kailong High
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Suzhou and Kailong is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Douson Drilling and Kailong High Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kailong High Technology and Suzhou Douson 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 Douson Drilling are associated (or correlated) with Kailong High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kailong High Technology has no effect on the direction of Suzhou Douson i.e., Suzhou Douson and Kailong High go up and down completely randomly.
Pair Corralation between Suzhou Douson and Kailong High
Assuming the 90 days trading horizon Suzhou Douson Drilling is expected to generate 0.8 times more return on investment than Kailong High. However, Suzhou Douson Drilling is 1.25 times less risky than Kailong High. It trades about 0.09 of its potential returns per unit of risk. Kailong High Technology is currently generating about 0.05 per unit of risk. If you would invest 1,976 in Suzhou Douson Drilling on October 18, 2024 and sell it today you would earn a total of 750.00 from holding Suzhou Douson Drilling or generate 37.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Douson Drilling vs. Kailong High Technology
Performance |
| Timeline |
| Suzhou Douson Drilling |
| Kailong High Technology |
Suzhou Douson and Kailong High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Douson and Kailong High
The main advantage of trading using opposite Suzhou Douson and Kailong High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Douson position performs unexpectedly, Kailong High 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 Kailong High will offset losses from the drop in Kailong High's long position.| Suzhou Douson vs. Cowealth Medical China | Suzhou Douson vs. Zhonghong Pulin Medical | Suzhou Douson vs. Allmed Medical Products | Suzhou Douson vs. Touchstone International Medical |
| Kailong High vs. Suzhou Douson Drilling | Kailong High vs. ButOne Information Corp | Kailong High vs. Zhejiang Kingland Pipeline | Kailong High vs. Everjoy Health Group |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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