Correlation Between Shenyang Huitian and Everjoy Health
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Everjoy Health Group, you can compare the effects of market volatilities on Shenyang Huitian 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 Shenyang Huitian with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Everjoy Health.
Diversification Opportunities for Shenyang Huitian and Everjoy Health
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenyang and Everjoy is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal 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 Shenyang Huitian 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 Shenyang Huitian Thermal 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 Shenyang Huitian i.e., Shenyang Huitian and Everjoy Health go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Everjoy Health
Assuming the 90 days trading horizon Shenyang Huitian is expected to generate 2.23 times less return on investment than Everjoy Health. In addition to that, Shenyang Huitian is 1.16 times more volatile than Everjoy Health Group. It trades about 0.03 of its total potential returns per unit of risk. Everjoy Health Group is currently generating about 0.08 per unit of volatility. If you would invest 353.00 in Everjoy Health Group on September 1, 2024 and sell it today you would earn a total of 16.00 from holding Everjoy Health Group or generate 4.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Everjoy Health Group
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Everjoy Health Group |
Shenyang Huitian and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Everjoy Health
The main advantage of trading using opposite Shenyang Huitian and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian 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.| Shenyang Huitian vs. Shandong Polymer Biochemicals | Shenyang Huitian vs. AUPU Home Style | Shenyang Huitian vs. Zoy Home Furnishing | Shenyang Huitian vs. Jahen Household Products |
| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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