Correlation Between Easyhome New and Jizhong Energy
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By analyzing existing cross correlation between Easyhome New Retail and Jizhong Energy Resources, you can compare the effects of market volatilities on Easyhome New and Jizhong 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 Jizhong Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Jizhong Energy.
Diversification Opportunities for Easyhome New and Jizhong Energy
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Easyhome and Jizhong is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Jizhong Energy Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jizhong Energy Resources 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 Jizhong Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jizhong Energy Resources has no effect on the direction of Easyhome New i.e., Easyhome New and Jizhong Energy go up and down completely randomly.
Pair Corralation between Easyhome New and Jizhong Energy
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 11.6 times more return on investment than Jizhong Energy. However, Easyhome New is 11.6 times more volatile than Jizhong Energy Resources. It trades about 0.26 of its potential returns per unit of risk. Jizhong Energy Resources is currently generating about -0.37 per unit of risk. If you would invest 343.00 in Easyhome New Retail on November 27, 2024 and sell it today you would earn a total of 92.00 from holding Easyhome New Retail or generate 26.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Jizhong Energy Resources
Performance |
| Timeline |
| Easyhome New Retail |
| Jizhong Energy Resources |
Easyhome New and Jizhong Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Jizhong Energy
The main advantage of trading using opposite Easyhome New and Jizhong Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Jizhong 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 Jizhong Energy will offset losses from the drop in Jizhong Energy's long position.| Easyhome New vs. Jiahe Foods Industry | Easyhome New vs. Eastroc Beverage Group | Easyhome New vs. Shandong Huifa Foodstuff | Easyhome New vs. Queclink Wireless Solutions |
| Jizhong Energy vs. Jiangsu Yueda Investment | Jizhong Energy vs. Zoje Resources Investment | Jizhong Energy vs. Shaanxi Broadcast TV | Jizhong Energy vs. Chengdu Xingrong Investment |
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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