Correlation Between Suzhou Novoprotein and 5I5j Holding
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and 5I5j Holding Group, you can compare the effects of market volatilities on Suzhou Novoprotein and 5I5j Holding 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 Novoprotein with a short position of 5I5j Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and 5I5j Holding.
Diversification Opportunities for Suzhou Novoprotein and 5I5j Holding
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and 5I5j is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and 5I5j Holding Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 5I5j Holding Group and Suzhou Novoprotein 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 Novoprotein Scientific are associated (or correlated) with 5I5j Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 5I5j Holding Group has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and 5I5j Holding go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and 5I5j Holding
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to under-perform the 5I5j Holding. But the stock apears to be less risky and, when comparing its historical volatility, Suzhou Novoprotein Scientific is 1.43 times less risky than 5I5j Holding. The stock trades about -0.06 of its potential returns per unit of risk. The 5I5j Holding Group is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 266.00 in 5I5j Holding Group on September 26, 2024 and sell it today you would earn a total of 62.00 from holding 5I5j Holding Group or generate 23.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. 5I5j Holding Group
Performance |
| Timeline |
| Suzhou Novoprotein |
| 5I5j Holding Group |
Suzhou Novoprotein and 5I5j Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and 5I5j Holding
The main advantage of trading using opposite Suzhou Novoprotein and 5I5j Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, 5I5j Holding 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 5I5j Holding will offset losses from the drop in 5I5j Holding's long position.| Suzhou Novoprotein vs. Industrial and Commercial | Suzhou Novoprotein vs. Agricultural Bank of | Suzhou Novoprotein vs. China Construction Bank | Suzhou Novoprotein vs. Bank of China |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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