Correlation Between Suzhou Novoprotein and Xizi Clean
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By analyzing existing cross correlation between Suzhou Novoprotein Scientific and Xizi Clean Energy, you can compare the effects of market volatilities on Suzhou Novoprotein and Xizi Clean 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 Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Novoprotein and Xizi Clean.
Diversification Opportunities for Suzhou Novoprotein and Xizi Clean
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Xizi is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Novoprotein Scientific and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy 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 Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Suzhou Novoprotein i.e., Suzhou Novoprotein and Xizi Clean go up and down completely randomly.
Pair Corralation between Suzhou Novoprotein and Xizi Clean
Assuming the 90 days trading horizon Suzhou Novoprotein Scientific is expected to generate 1.1 times more return on investment than Xizi Clean. However, Suzhou Novoprotein is 1.1 times more volatile than Xizi Clean Energy. It trades about -0.12 of its potential returns per unit of risk. Xizi Clean Energy is currently generating about -0.15 per unit of risk. If you would invest 3,907 in Suzhou Novoprotein Scientific on September 12, 2024 and sell it today you would lose (214.00) from holding Suzhou Novoprotein Scientific or give up 5.48% 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. Xizi Clean Energy
Performance |
Timeline |
Suzhou Novoprotein |
Xizi Clean Energy |
Suzhou Novoprotein and Xizi Clean Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Suzhou Novoprotein and Xizi Clean
The main advantage of trading using opposite Suzhou Novoprotein and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Novoprotein position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.Suzhou Novoprotein vs. Shanghai Shuixing Home | Suzhou Novoprotein vs. Markor International Home | Suzhou Novoprotein vs. Qumei Furniture Group | Suzhou Novoprotein vs. Xinhua Winshare Publishing |
Xizi Clean vs. Agricultural Bank of | Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. Bank of China | Xizi Clean vs. PetroChina Co Ltd |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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