Correlation Between Lonkey Industrial and Easyhome New
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By analyzing existing cross correlation between Lonkey Industrial Co and Easyhome New Retail, you can compare the effects of market volatilities on Lonkey Industrial and Easyhome New 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 Lonkey Industrial with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lonkey Industrial and Easyhome New.
Diversification Opportunities for Lonkey Industrial and Easyhome New
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Lonkey and Easyhome is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Lonkey Industrial Co and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and Lonkey Industrial 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 Lonkey Industrial Co are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of Lonkey Industrial i.e., Lonkey Industrial and Easyhome New go up and down completely randomly.
Pair Corralation between Lonkey Industrial and Easyhome New
Assuming the 90 days trading horizon Lonkey Industrial is expected to generate 1.64 times less return on investment than Easyhome New. But when comparing it to its historical volatility, Lonkey Industrial Co is 1.23 times less risky than Easyhome New. It trades about 0.08 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 256.00 in Easyhome New Retail on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Easyhome New Retail or generate 39.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lonkey Industrial Co vs. Easyhome New Retail
Performance |
| Timeline |
| Lonkey Industrial |
| Easyhome New Retail |
Lonkey Industrial and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lonkey Industrial and Easyhome New
The main advantage of trading using opposite Lonkey Industrial and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lonkey Industrial position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.| Lonkey Industrial vs. China Petroleum Chemical | Lonkey Industrial vs. PetroChina Co Ltd | Lonkey Industrial vs. China State Construction | Lonkey Industrial vs. China Railway Group |
| Easyhome New vs. Lutian Machinery Co | Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. Bank of China | Easyhome New vs. Gansu Jiu Steel |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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