Correlation Between Easyhome New and Guangzhou Haige
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By analyzing existing cross correlation between Easyhome New Retail and Guangzhou Haige Communications, you can compare the effects of market volatilities on Easyhome New and Guangzhou Haige 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 Guangzhou Haige. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Guangzhou Haige.
Diversification Opportunities for Easyhome New and Guangzhou Haige
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Easyhome and Guangzhou is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Guangzhou Haige Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Haige Comm 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 Guangzhou Haige. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Haige Comm has no effect on the direction of Easyhome New i.e., Easyhome New and Guangzhou Haige go up and down completely randomly.
Pair Corralation between Easyhome New and Guangzhou Haige
Assuming the 90 days trading horizon Easyhome New Retail is expected to under-perform the Guangzhou Haige. In addition to that, Easyhome New is 2.72 times more volatile than Guangzhou Haige Communications. It trades about -0.35 of its total potential returns per unit of risk. Guangzhou Haige Communications is currently generating about -0.43 per unit of volatility. If you would invest 1,206 in Guangzhou Haige Communications on October 16, 2024 and sell it today you would lose (199.00) from holding Guangzhou Haige Communications or give up 16.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Guangzhou Haige Communications
Performance |
| Timeline |
| Easyhome New Retail |
| Guangzhou Haige Comm |
Easyhome New and Guangzhou Haige Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Guangzhou Haige
The main advantage of trading using opposite Easyhome New and Guangzhou Haige positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Guangzhou Haige 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 Guangzhou Haige will offset losses from the drop in Guangzhou Haige's long position.| Easyhome New vs. Bank of Communications | Easyhome New vs. Zhejiang Construction Investment | Easyhome New vs. Nuode Investment Co | Easyhome New vs. Allwin Telecommunication Co |
| Guangzhou Haige vs. Shuhua Sports Co | Guangzhou Haige vs. Heilongjiang Transport Development | Guangzhou Haige vs. Eastern Communications Co | Guangzhou Haige vs. Sichuan Fulin Transportation |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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