Correlation Between Easyhome New and Double Medical
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By analyzing existing cross correlation between Easyhome New Retail and Double Medical Technology, you can compare the effects of market volatilities on Easyhome New and Double Medical 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 Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Double Medical.
Diversification Opportunities for Easyhome New and Double Medical
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Easyhome and Double is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology 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 Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Easyhome New i.e., Easyhome New and Double Medical go up and down completely randomly.
Pair Corralation between Easyhome New and Double Medical
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.38 times more return on investment than Double Medical. However, Easyhome New is 2.38 times more volatile than Double Medical Technology. It trades about 0.32 of its potential returns per unit of risk. Double Medical Technology is currently generating about -0.17 per unit of risk. If you would invest 298.00 in Easyhome New Retail on September 13, 2024 and sell it today you would earn a total of 94.00 from holding Easyhome New Retail or generate 31.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Double Medical Technology
Performance |
| Timeline |
| Easyhome New Retail |
| Double Medical Technology |
Easyhome New and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Double Medical
The main advantage of trading using opposite Easyhome New and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical's long position.| Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New vs. Loctek Ergonomic Technology |
| Double Medical vs. Industrial and Commercial | Double Medical vs. Kweichow Moutai Co | Double Medical vs. Agricultural Bank of | Double Medical vs. China Mobile Limited |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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