Correlation Between CareRay Digital and Suzhou Douson
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By analyzing existing cross correlation between CareRay Digital Medical and Suzhou Douson Drilling, you can compare the effects of market volatilities on CareRay Digital and Suzhou Douson 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 CareRay Digital with a short position of Suzhou Douson. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Suzhou Douson.
Diversification Opportunities for CareRay Digital and Suzhou Douson
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CareRay and Suzhou is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and Suzhou Douson Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Douson Drilling and CareRay Digital 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 CareRay Digital Medical are associated (or correlated) with Suzhou Douson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Douson Drilling has no effect on the direction of CareRay Digital i.e., CareRay Digital and Suzhou Douson go up and down completely randomly.
Pair Corralation between CareRay Digital and Suzhou Douson
Assuming the 90 days trading horizon CareRay Digital Medical is expected to under-perform the Suzhou Douson. In addition to that, CareRay Digital is 1.02 times more volatile than Suzhou Douson Drilling. It trades about -0.02 of its total potential returns per unit of risk. Suzhou Douson Drilling is currently generating about 0.0 per unit of volatility. If you would invest 3,047 in Suzhou Douson Drilling on October 16, 2024 and sell it today you would lose (520.00) from holding Suzhou Douson Drilling or give up 17.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Suzhou Douson Drilling
Performance |
| Timeline |
| CareRay Digital Medical |
| Suzhou Douson Drilling |
CareRay Digital and Suzhou Douson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Suzhou Douson
The main advantage of trading using opposite CareRay Digital and Suzhou Douson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital position performs unexpectedly, Suzhou Douson 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 Suzhou Douson will offset losses from the drop in Suzhou Douson's long position.| CareRay Digital vs. Chengdu Xinzhu RoadBridge | CareRay Digital vs. Shandong Polymer Biochemicals | CareRay Digital vs. Shenzhen Noposion Agrochemicals | CareRay Digital vs. Do Fluoride Chemicals Co |
| Suzhou Douson vs. CareRay Digital Medical | Suzhou Douson vs. Postal Savings Bank | Suzhou Douson vs. Winner Medical Co | Suzhou Douson vs. Hunan Investment Group |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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