Correlation Between Suzhou Novoprotein and Liaoning Port
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Liaoning Port Co, you can compare the effects of market volatilities on Suzhou Novoprotein and Liaoning Port 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 Liaoning Port. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Liaoning Port.
Diversification Opportunities for Suzhou Novoprotein and Liaoning Port
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Liaoning is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Liaoning Port Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Liaoning Port 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 Liaoning Port. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Liaoning Port has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Liaoning Port go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Liaoning Port
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to under-perform the Liaoning Port. In addition to that, Suzhou Novoprotein is 2.12 times more volatile than Liaoning Port Co. It trades about -0.06 of its total potential returns per unit of risk. Liaoning Port Co is currently generating about 0.0 per unit of volatility. If you would invest 164.00 in Liaoning Port Co on August 27, 2024 and sell it today you would lose (9.00) from holding Liaoning Port Co or give up 5.49% 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. Liaoning Port Co
Performance |
| Timeline |
| Suzhou Novoprotein |
| Liaoning Port |
Suzhou Novoprotein and Liaoning Port Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Novoprotein and Liaoning Port
The main advantage of trading using opposite Suzhou Novoprotein and Liaoning Port positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Liaoning Port 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 Liaoning Port will offset losses from the drop in Liaoning Port's long position.| Suzhou Novoprotein vs. Tianjin Hi Tech Development | Suzhou Novoprotein vs. Impulse Qingdao Health | Suzhou Novoprotein vs. Mingchen Health Co | Suzhou Novoprotein vs. Lotus Health Group |
| Liaoning Port vs. Industrial and Commercial | Liaoning Port vs. Agricultural Bank of | Liaoning Port vs. China Construction Bank | Liaoning Port vs. Bank of China |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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