Correlation Between Suzhou Novoprotein and PKU HealthCare
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and PKU HealthCare Corp, you can compare the effects of market volatilities on Suzhou Novoprotein and PKU HealthCare 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 PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and PKU HealthCare.
Diversification Opportunities for Suzhou Novoprotein and PKU HealthCare
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and PKU is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp 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 PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and PKU HealthCare go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and PKU HealthCare
Assuming the 90 days trading horizon Suzhou Novoprotein is expected to generate 1.95 times less return on investment than PKU HealthCare. In addition to that, Suzhou Novoprotein is 1.12 times more volatile than PKU HealthCare Corp. It trades about 0.04 of its total potential returns per unit of risk. PKU HealthCare Corp is currently generating about 0.08 per unit of volatility. If you would invest 526.00 in PKU HealthCare Corp on September 3, 2024 and sell it today you would earn a total of 115.00 from holding PKU HealthCare Corp or generate 21.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. PKU HealthCare Corp
Performance |
| Timeline |
| Suzhou Novoprotein |
| PKU HealthCare Corp |
Suzhou Novoprotein and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and PKU HealthCare
The main advantage of trading using opposite Suzhou Novoprotein and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Suzhou Novoprotein vs. Henan Shuanghui Investment | Suzhou Novoprotein vs. HeBei Jinniu Chemical | Suzhou Novoprotein vs. Kunwu Jiuding Investment | Suzhou Novoprotein vs. Ningxia Younglight Chemicals |
| PKU HealthCare vs. Chengdu Kanghua Biological | PKU HealthCare vs. Beijing Wantai Biological | PKU HealthCare vs. Suzhou Novoprotein Scientific | PKU HealthCare vs. Aluminum Corp of |
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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