Correlation Between Olympic Circuit and Suzhou Xingye
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By analyzing existing cross correlation between Olympic Circuit Technology and Suzhou Xingye Material, you can compare the effects of market volatilities on Olympic Circuit and Suzhou Xingye 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 Olympic Circuit with a short position of Suzhou Xingye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Circuit and Suzhou Xingye.
Diversification Opportunities for Olympic Circuit and Suzhou Xingye
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Olympic and Suzhou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Circuit Technology and Suzhou Xingye Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Xingye Material and Olympic Circuit 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 Olympic Circuit Technology are associated (or correlated) with Suzhou Xingye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Xingye Material has no effect on the direction of Olympic Circuit i.e., Olympic Circuit and Suzhou Xingye go up and down completely randomly.
Pair Corralation between Olympic Circuit and Suzhou Xingye
Assuming the 90 days trading horizon Olympic Circuit Technology is expected to generate 1.49 times more return on investment than Suzhou Xingye. However, Olympic Circuit is 1.49 times more volatile than Suzhou Xingye Material. It trades about 0.08 of its potential returns per unit of risk. Suzhou Xingye Material is currently generating about 0.01 per unit of risk. If you would invest 3,058 in Olympic Circuit Technology on September 24, 2024 and sell it today you would earn a total of 124.00 from holding Olympic Circuit Technology or generate 4.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Olympic Circuit Technology vs. Suzhou Xingye Material
Performance |
Timeline |
Olympic Circuit Tech |
Suzhou Xingye Material |
Olympic Circuit and Suzhou Xingye Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Olympic Circuit and Suzhou Xingye
The main advantage of trading using opposite Olympic Circuit and Suzhou Xingye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Circuit position performs unexpectedly, Suzhou Xingye 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 Xingye will offset losses from the drop in Suzhou Xingye's long position.Olympic Circuit vs. Suzhou Xingye Material | Olympic Circuit vs. GRIPM Advanced Materials | Olympic Circuit vs. Chengdu Spaceon Electronics | Olympic Circuit vs. Guangzhou Tinci Materials |
Suzhou Xingye vs. Zijin Mining Group | Suzhou Xingye vs. Wanhua Chemical Group | Suzhou Xingye vs. Baoshan Iron Steel | Suzhou Xingye vs. Shandong Gold Mining |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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