Correlation Between Suzhou Novoprotein and Accelink Technologies
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Accelink Technologies Co, you can compare the effects of market volatilities on Suzhou Novoprotein and Accelink Technologies 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 Accelink Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Accelink Technologies.
Diversification Opportunities for Suzhou Novoprotein and Accelink Technologies
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Suzhou and Accelink is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Accelink Technologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelink Technologies 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 Accelink Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelink Technologies has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Accelink Technologies go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Accelink Technologies
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to generate 0.83 times more return on investment than Accelink Technologies. However, Suzhou Novoprotein Scientific is 1.2 times less risky than Accelink Technologies. It trades about -0.09 of its potential returns per unit of risk. Accelink Technologies Co is currently generating about -0.28 per unit of risk. If you would invest 3,907 in Suzhou Novoprotein Scientific on September 12, 2024 and sell it today you would lose (182.00) from holding Suzhou Novoprotein Scientific or give up 4.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. Accelink Technologies Co
Performance |
| Timeline |
| Suzhou Novoprotein |
| Accelink Technologies |
Suzhou Novoprotein and Accelink Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Accelink Technologies
The main advantage of trading using opposite Suzhou Novoprotein and Accelink Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Accelink Technologies 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 Accelink Technologies will offset losses from the drop in Accelink Technologies' long position.| Suzhou Novoprotein vs. Shanghai Shuixing Home | Suzhou Novoprotein vs. Markor International Home | Suzhou Novoprotein vs. Qumei Furniture Group | Suzhou Novoprotein vs. Xinhua Winshare Publishing |
| Accelink Technologies vs. Eastroc Beverage Group | Accelink Technologies vs. Hainan Mining Co | Accelink Technologies vs. Chengtun Mining Group | Accelink Technologies vs. Zijin Mining Group |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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