Correlation Between Suzhou Novoprotein and China Telecom
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and China Telecom Corp, you can compare the effects of market volatilities on Suzhou Novoprotein and China Telecom 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 China Telecom. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and China Telecom.
Diversification Opportunities for Suzhou Novoprotein and China Telecom
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Suzhou and China is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and China Telecom Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Telecom Corp 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 China Telecom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Telecom Corp has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and China Telecom go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and China Telecom
Assuming the 90 days trading horizon Suzhou Novoprotein is expected to generate 1.3 times less return on investment than China Telecom. But when comparing it to its historical volatility, Suzhou Novoprotein Scientific is 1.62 times less risky than China Telecom. It trades about 0.18 of its potential returns per unit of risk. China Telecom Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 698.00 in China Telecom Corp on December 11, 2024 and sell it today you would earn a total of 98.00 from holding China Telecom Corp or generate 14.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Novoprotein Scientific vs. China Telecom Corp
Performance |
| Timeline |
| Suzhou Novoprotein |
| China Telecom Corp |
Suzhou Novoprotein and China Telecom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and China Telecom
The main advantage of trading using opposite Suzhou Novoprotein and China Telecom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, China Telecom 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 China Telecom will offset losses from the drop in China Telecom's long position.| Suzhou Novoprotein vs. Miracll Chemicals Co | Suzhou Novoprotein vs. ROPEOK Technology Group | Suzhou Novoprotein vs. Jinyu Bio Technology Co | Suzhou Novoprotein vs. Bsm Chemical Co |
| China Telecom vs. Shenzhen SDG Information | China Telecom vs. Winner Information Technology | China Telecom vs. China Asset Management | China Telecom vs. Invengo Information 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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