Correlation Between Easyhome New and Shenzhen Clou
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By analyzing existing cross correlation between Easyhome New Retail and Shenzhen Clou Electronics, you can compare the effects of market volatilities on Easyhome New and Shenzhen Clou 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 Clou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shenzhen Clou.
Diversification Opportunities for Easyhome New and Shenzhen Clou
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Shenzhen is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shenzhen Clou Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Clou Electronics 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 Clou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Clou Electronics has no effect on the direction of Easyhome New i.e., Easyhome New and Shenzhen Clou go up and down completely randomly.
Pair Corralation between Easyhome New and Shenzhen Clou
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.01 times more return on investment than Shenzhen Clou. However, Easyhome New is 2.01 times more volatile than Shenzhen Clou Electronics. It trades about -0.08 of its potential returns per unit of risk. Shenzhen Clou Electronics is currently generating about -0.23 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 | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Shenzhen Clou Electronics
Performance |
| Timeline |
| Easyhome New Retail |
| Shenzhen Clou Electronics |
Easyhome New and Shenzhen Clou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shenzhen Clou
The main advantage of trading using opposite Easyhome New and Shenzhen Clou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shenzhen Clou 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 Clou will offset losses from the drop in Shenzhen Clou'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 |
| Shenzhen Clou vs. Easyhome New Retail | Shenzhen Clou vs. Zhangjiagang Elegant Home | Shenzhen Clou vs. Miracll Chemicals Co | Shenzhen Clou vs. Zhejiang Qianjiang Motorcycle |
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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