Correlation Between Bohai Leasing and Everjoy Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bohai Leasing Co and Everjoy Health Group, you can compare the effects of market volatilities on Bohai Leasing and Everjoy Health 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 Bohai Leasing with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bohai Leasing and Everjoy Health.
Diversification Opportunities for Bohai Leasing and Everjoy Health
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bohai and Everjoy is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Bohai Leasing Co and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and Bohai Leasing 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 Bohai Leasing Co are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Bohai Leasing i.e., Bohai Leasing and Everjoy Health go up and down completely randomly.
Pair Corralation between Bohai Leasing and Everjoy Health
Assuming the 90 days trading horizon Bohai Leasing Co is expected to under-perform the Everjoy Health. But the stock apears to be less risky and, when comparing its historical volatility, Bohai Leasing Co is 2.73 times less risky than Everjoy Health. The stock trades about -0.51 of its potential returns per unit of risk. The Everjoy Health Group is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 412.00 in Everjoy Health Group on October 12, 2024 and sell it today you would lose (51.00) from holding Everjoy Health Group or give up 12.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bohai Leasing Co vs. Everjoy Health Group
Performance |
| Timeline |
| Bohai Leasing |
| Everjoy Health Group |
Bohai Leasing and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bohai Leasing and Everjoy Health
The main advantage of trading using opposite Bohai Leasing and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bohai Leasing position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Bohai Leasing vs. Shenyang Chemical Industry | Bohai Leasing vs. Jiujiang Shanshui Technology | Bohai Leasing vs. Soyea Technology Co | Bohai Leasing vs. Kuangda Technology Group |
| Everjoy Health vs. China World Trade | Everjoy Health vs. Bank of Suzhou | Everjoy Health vs. Shenwu Energy Saving | Everjoy Health vs. Bohai Leasing Co |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |