Correlation Between Suzhou Novoprotein and Everjoy Health
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Everjoy Health Group, you can compare the effects of market volatilities on Suzhou Novoprotein and Everjoy Health 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 Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Everjoy Health.
Diversification Opportunities for Suzhou Novoprotein and Everjoy Health
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Everjoy is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health 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 Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Everjoy Health go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Everjoy Health
Assuming the 90 days trading horizon Suzhou Novoprotein is expected to generate 1.14 times less return on investment than Everjoy Health. But when comparing it to its historical volatility, Suzhou Novoprotein Scientific is 1.29 times less risky than Everjoy Health. It trades about 0.09 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 353.00 in Everjoy Health Group on September 1, 2024 and sell it today you would earn a total of 16.00 from holding Everjoy Health Group or generate 4.53% 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. Everjoy Health Group
Performance |
| Timeline |
| Suzhou Novoprotein |
| Everjoy Health Group |
Suzhou Novoprotein and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Everjoy Health
The main advantage of trading using opposite Suzhou Novoprotein and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Suzhou Novoprotein vs. Ping An Insurance | Suzhou Novoprotein vs. Harbin Air Conditioning | Suzhou Novoprotein vs. Ningbo Tech Bank Co | Suzhou Novoprotein vs. Peoples Insurance of |
| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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