Correlation Between Netflix and Suzhou UIGreen
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By analyzing existing cross correlation between Netflix and Suzhou UIGreen Micro, you can compare the effects of market volatilities on Netflix and Suzhou UIGreen 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 Netflix with a short position of Suzhou UIGreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netflix and Suzhou UIGreen.
Diversification Opportunities for Netflix and Suzhou UIGreen
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Netflix and Suzhou is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Netflix and Suzhou UIGreen Micro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou UIGreen Micro and Netflix 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 Netflix are associated (or correlated) with Suzhou UIGreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou UIGreen Micro has no effect on the direction of Netflix i.e., Netflix and Suzhou UIGreen go up and down completely randomly.
Pair Corralation between Netflix and Suzhou UIGreen
Given the investment horizon of 90 days Netflix is expected to generate 0.42 times more return on investment than Suzhou UIGreen. However, Netflix is 2.38 times less risky than Suzhou UIGreen. It trades about 0.58 of its potential returns per unit of risk. Suzhou UIGreen Micro is currently generating about -0.08 per unit of risk. If you would invest 75,551 in Netflix on September 5, 2024 and sell it today you would earn a total of 14,666 from holding Netflix or generate 19.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Netflix vs. Suzhou UIGreen Micro
Performance |
| Timeline |
| Netflix |
| Suzhou UIGreen Micro |
Netflix and Suzhou UIGreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netflix and Suzhou UIGreen
The main advantage of trading using opposite Netflix and Suzhou UIGreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netflix position performs unexpectedly, Suzhou UIGreen 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 UIGreen will offset losses from the drop in Suzhou UIGreen's long position.| Netflix vs. Paramount Global Class | Netflix vs. Roku Inc | Netflix vs. Warner Bros Discovery | Netflix vs. AMC Entertainment Holdings |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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