Correlation Between Easyhome New and Jiangsu Jinling
Specify exactly 2 symbols:
By analyzing existing cross correlation between Easyhome New Retail and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Easyhome New and Jiangsu Jinling 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 Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Jiangsu Jinling.
Diversification Opportunities for Easyhome New and Jiangsu Jinling
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Easyhome and Jiangsu is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports 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 Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Easyhome New i.e., Easyhome New and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Easyhome New and Jiangsu Jinling
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 0.72 times more return on investment than Jiangsu Jinling. However, Easyhome New Retail is 1.4 times less risky than Jiangsu Jinling. It trades about -0.01 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about -0.01 per unit of risk. If you would invest 376.00 in Easyhome New Retail on September 2, 2024 and sell it today you would lose (73.00) from holding Easyhome New Retail or give up 19.41% 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. Jiangsu Jinling Sports
Performance |
| Timeline |
| Easyhome New Retail |
| Jiangsu Jinling Sports |
Easyhome New and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Jiangsu Jinling
The main advantage of trading using opposite Easyhome New and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Easyhome New vs. Bank of China | Easyhome New vs. Kweichow Moutai Co | Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. Bank of Communications |
| Jiangsu Jinling vs. Sinosteel Luonai Materials | Jiangsu Jinling vs. Fuda Alloy Materials | Jiangsu Jinling vs. Guangdong Brandmax Marketing | Jiangsu Jinling vs. Easyhome New Retail |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |