Correlation Between Easyhome New and Shenzhen Centralcon
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By analyzing existing cross correlation between Easyhome New Retail and Shenzhen Centralcon Investment, you can compare the effects of market volatilities on Easyhome New and Shenzhen Centralcon 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 Easyhome New with a short position of Shenzhen Centralcon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shenzhen Centralcon.
Diversification Opportunities for Easyhome New and Shenzhen Centralcon
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Easyhome and Shenzhen is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shenzhen Centralcon Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Centralcon and Easyhome New 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 Easyhome New Retail are associated (or correlated) with Shenzhen Centralcon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Centralcon has no effect on the direction of Easyhome New i.e., Easyhome New and Shenzhen Centralcon go up and down completely randomly.
Pair Corralation between Easyhome New and Shenzhen Centralcon
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.08 times more return on investment than Shenzhen Centralcon. However, Easyhome New is 2.08 times more volatile than Shenzhen Centralcon Investment. It trades about 0.05 of its potential returns per unit of risk. Shenzhen Centralcon Investment is currently generating about -0.46 per unit of risk. If you would invest 392.00 in Easyhome New Retail on October 12, 2024 and sell it today you would earn a total of 11.00 from holding Easyhome New Retail or generate 2.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Shenzhen Centralcon Investment
Performance |
| Timeline |
| Easyhome New Retail |
| Shenzhen Centralcon |
Easyhome New and Shenzhen Centralcon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shenzhen Centralcon
The main advantage of trading using opposite Easyhome New and Shenzhen Centralcon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shenzhen Centralcon 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 Shenzhen Centralcon will offset losses from the drop in Shenzhen Centralcon's long position.| Easyhome New vs. Maoming Petro Chemical Shihua | Easyhome New vs. Zhejiang JIULI Hi tech | Easyhome New vs. Kuang Chi Technologies | Easyhome New vs. Miracll Chemicals Co |
| Shenzhen Centralcon vs. Easyhome New Retail | Shenzhen Centralcon vs. Guangzhou Haozhi Industrial | Shenzhen Centralcon vs. Beijing Kingsoft Office | Shenzhen Centralcon vs. Rising Nonferrous Metals |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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