Correlation Between Eastroc Beverage and Suzhou Novoprotein
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By analyzing existing cross correlation between Eastroc Beverage Group and Suzhou Novoprotein Scientific, you can compare the effects of market volatilities on Eastroc Beverage 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 Eastroc Beverage with a short position of Suzhou Novoprotein. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Suzhou Novoprotein.
Diversification Opportunities for Eastroc Beverage and Suzhou Novoprotein
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Eastroc and Suzhou is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Suzhou Novoprotein Scientific in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Novoprotein and Eastroc Beverage 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 Eastroc Beverage Group 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 Eastroc Beverage i.e., Eastroc Beverage and Suzhou Novoprotein go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Suzhou Novoprotein
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 1.03 times more return on investment than Suzhou Novoprotein. However, Eastroc Beverage is 1.03 times more volatile than Suzhou Novoprotein Scientific. It trades about 0.22 of its potential returns per unit of risk. Suzhou Novoprotein Scientific is currently generating about -0.08 per unit of risk. If you would invest 22,033 in Eastroc Beverage Group on September 13, 2024 and sell it today you would earn a total of 2,217 from holding Eastroc Beverage Group or generate 10.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Suzhou Novoprotein Scientific
Performance |
| Timeline |
| Eastroc Beverage |
| Suzhou Novoprotein |
Eastroc Beverage and Suzhou Novoprotein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Suzhou Novoprotein
The main advantage of trading using opposite Eastroc Beverage and Suzhou Novoprotein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage 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.| Eastroc Beverage vs. Industrial and Commercial | Eastroc Beverage vs. Kweichow Moutai Co | Eastroc Beverage vs. Agricultural Bank of | Eastroc Beverage vs. China Mobile Limited |
| Suzhou Novoprotein vs. Hang Xiao Steel | Suzhou Novoprotein vs. Vanfund Urban Investment | Suzhou Novoprotein vs. Harbin Air Conditioning | Suzhou Novoprotein vs. Beijing SPC Environment |
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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