Correlation Between Suzhou Novoprotein and Yoantion Industrial
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Yoantion Industrial IncLtd, you can compare the effects of market volatilities on Suzhou Novoprotein and Yoantion Industrial 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 Yoantion Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Yoantion Industrial.
Diversification Opportunities for Suzhou Novoprotein and Yoantion Industrial
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Yoantion is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Yoantion Industrial IncLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yoantion Industrial 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 Yoantion Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yoantion Industrial has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Yoantion Industrial go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Yoantion Industrial
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to under-perform the Yoantion Industrial. But the stock apears to be less risky and, when comparing its historical volatility, Suzhou Novoprotein Scientific is 1.17 times less risky than Yoantion Industrial. The stock trades about -0.12 of its potential returns per unit of risk. The Yoantion Industrial IncLtd is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,311 in Yoantion Industrial IncLtd on September 12, 2024 and sell it today you would lose (21.00) from holding Yoantion Industrial IncLtd or give up 0.91% 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. Yoantion Industrial IncLtd
Performance |
| Timeline |
| Suzhou Novoprotein |
| Yoantion Industrial |
Suzhou Novoprotein and Yoantion Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Yoantion Industrial
The main advantage of trading using opposite Suzhou Novoprotein and Yoantion Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Yoantion Industrial 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 Yoantion Industrial will offset losses from the drop in Yoantion Industrial's 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 |
| Yoantion Industrial vs. Agricultural Bank of | Yoantion Industrial vs. Industrial and Commercial | Yoantion Industrial vs. Bank of China | Yoantion Industrial vs. PetroChina Co Ltd |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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