Correlation Between Easyhome New and Shenzhen Glory
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By analyzing existing cross correlation between Easyhome New Retail and Shenzhen Glory Medical, you can compare the effects of market volatilities on Easyhome New and Shenzhen Glory 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 Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shenzhen Glory.
Diversification Opportunities for Easyhome New and Shenzhen Glory
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Easyhome and Shenzhen is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shenzhen Glory Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Glory Medical 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 Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Glory Medical has no effect on the direction of Easyhome New i.e., Easyhome New and Shenzhen Glory go up and down completely randomly.
Pair Corralation between Easyhome New and Shenzhen Glory
Assuming the 90 days trading horizon Easyhome New Retail is expected to under-perform the Shenzhen Glory. But the stock apears to be less risky and, when comparing its historical volatility, Easyhome New Retail is 1.28 times less risky than Shenzhen Glory. The stock trades about -0.01 of its potential returns per unit of risk. The Shenzhen Glory Medical is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 397.00 in Shenzhen Glory Medical on September 4, 2024 and sell it today you would lose (25.00) from holding Shenzhen Glory Medical or give up 6.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Shenzhen Glory Medical
Performance |
| Timeline |
| Easyhome New Retail |
| Shenzhen Glory Medical |
Easyhome New and Shenzhen Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shenzhen Glory
The main advantage of trading using opposite Easyhome New and Shenzhen Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shenzhen Glory 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 Glory will offset losses from the drop in Shenzhen Glory's long position.| Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Zhejiang Publishing Media | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Duzhe Publishing Media |
| Shenzhen Glory vs. Fujian Rongji Software | Shenzhen Glory vs. Inspur Software Co | Shenzhen Glory vs. Linewell Software Co | Shenzhen Glory vs. Mango Excellent Media |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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