Correlation Between Suzhou Novoprotein and Tianjin Yiyi
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Tianjin Yiyi Hygiene, you can compare the effects of market volatilities on Suzhou Novoprotein and Tianjin Yiyi 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 Tianjin Yiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Tianjin Yiyi.
Diversification Opportunities for Suzhou Novoprotein and Tianjin Yiyi
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Tianjin is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Tianjin Yiyi Hygiene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Yiyi Hygiene 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 Tianjin Yiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Yiyi Hygiene has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Tianjin Yiyi go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Tianjin Yiyi
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to under-perform the Tianjin Yiyi. In addition to that, Suzhou Novoprotein is 1.1 times more volatile than Tianjin Yiyi Hygiene. It trades about -0.05 of its total potential returns per unit of risk. Tianjin Yiyi Hygiene is currently generating about 0.01 per unit of volatility. If you would invest 1,754 in Tianjin Yiyi Hygiene on September 4, 2024 and sell it today you would lose (56.00) from holding Tianjin Yiyi Hygiene or give up 3.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. Tianjin Yiyi Hygiene
Performance |
| Timeline |
| Suzhou Novoprotein |
| Tianjin Yiyi Hygiene |
Suzhou Novoprotein and Tianjin Yiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Tianjin Yiyi
The main advantage of trading using opposite Suzhou Novoprotein and Tianjin Yiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Tianjin Yiyi 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 Tianjin Yiyi will offset losses from the drop in Tianjin Yiyi's long position.| Suzhou Novoprotein vs. Iat Automobile Technology | Suzhou Novoprotein vs. Dongfeng Automobile Co | Suzhou Novoprotein vs. Dawning Information Industry | Suzhou Novoprotein vs. CITIC Guoan Information |
| Tianjin Yiyi vs. Nuode Investment Co | Tianjin Yiyi vs. Xilinmen Furniture Co | Tianjin Yiyi vs. Vohringer Home Technology | Tianjin Yiyi vs. Zhangjiagang Freetrade Science |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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