Correlation Between Suzhou Novoprotein and Andon Health
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Andon Health Co, you can compare the effects of market volatilities on Suzhou Novoprotein and Andon 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 Andon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Andon Health.
Diversification Opportunities for Suzhou Novoprotein and Andon Health
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Suzhou and Andon is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Andon Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andon Health 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 Andon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andon Health has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Andon Health go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Andon Health
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to under-perform the Andon Health. In addition to that, Suzhou Novoprotein is 1.23 times more volatile than Andon Health Co. It trades about -0.02 of its total potential returns per unit of risk. Andon Health Co is currently generating about 0.03 per unit of volatility. If you would invest 3,760 in Andon Health Co on September 4, 2024 and sell it today you would earn a total of 600.00 from holding Andon Health Co or generate 15.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. Andon Health Co
Performance |
| Timeline |
| Suzhou Novoprotein |
| Andon Health |
Suzhou Novoprotein and Andon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Andon Health
The main advantage of trading using opposite Suzhou Novoprotein and Andon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Andon 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 Andon Health will offset losses from the drop in Andon Health'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 |
| Andon Health vs. Kweichow Moutai Co | Andon Health vs. Contemporary Amperex Technology | Andon Health vs. G bits Network Technology | Andon Health vs. Beijing Roborock Technology |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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