Correlation Between Easyhome New and Jointo Energy
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By analyzing existing cross correlation between Easyhome New Retail and Jointo Energy Investment, you can compare the effects of market volatilities on Easyhome New and Jointo Energy 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 Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Jointo Energy.
Diversification Opportunities for Easyhome New and Jointo Energy
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Easyhome and Jointo is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Jointo Energy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jointo Energy Investment 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 Jointo Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jointo Energy Investment has no effect on the direction of Easyhome New i.e., Easyhome New and Jointo Energy go up and down completely randomly.
Pair Corralation between Easyhome New and Jointo Energy
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.72 times more return on investment than Jointo Energy. However, Easyhome New is 1.72 times more volatile than Jointo Energy Investment. It trades about -0.08 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about -0.2 per unit of risk. If you would invest 380.00 in Easyhome New Retail on October 26, 2024 and sell it today you would lose (38.00) from holding Easyhome New Retail or give up 10.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Jointo Energy Investment
Performance |
| Timeline |
| Easyhome New Retail |
| Jointo Energy Investment |
Easyhome New and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Jointo Energy
The main advantage of trading using opposite Easyhome New and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Jointo Energy 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 Jointo Energy will offset losses from the drop in Jointo Energy's long position.| Easyhome New vs. Agricultural Bank of | Easyhome New vs. Industrial and Commercial | Easyhome New vs. Bank of China | Easyhome New vs. Postal Savings Bank |
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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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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