Correlation Between Suzhou Novoprotein and Harbin Hatou
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Harbin Hatou Investment, you can compare the effects of market volatilities on Suzhou Novoprotein and Harbin Hatou 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 Harbin Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Harbin Hatou.
Diversification Opportunities for Suzhou Novoprotein and Harbin Hatou
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Harbin is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment 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 Harbin Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Harbin Hatou go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Harbin Hatou
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to under-perform the Harbin Hatou. But the stock apears to be less risky and, when comparing its historical volatility, Suzhou Novoprotein Scientific is 1.01 times less risky than Harbin Hatou. The stock trades about -0.02 of its potential returns per unit of risk. The Harbin Hatou Investment is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 517.00 in Harbin Hatou Investment on September 1, 2024 and sell it today you would earn a total of 155.00 from holding Harbin Hatou Investment or generate 29.98% 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. Harbin Hatou Investment
Performance |
| Timeline |
| Suzhou Novoprotein |
| Harbin Hatou Investment |
Suzhou Novoprotein and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Harbin Hatou
The main advantage of trading using opposite Suzhou Novoprotein and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Harbin Hatou 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 Harbin Hatou will offset losses from the drop in Harbin Hatou'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 |
| Harbin Hatou vs. Cambricon Technologies Corp | Harbin Hatou vs. Loongson Technology Corp | Harbin Hatou vs. Shenzhen Fortune Trend | Harbin Hatou vs. Chongqing Road Bridge |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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