Correlation Between Easyhome New and Ningbo Homelink
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By analyzing existing cross correlation between Easyhome New Retail and Ningbo Homelink Eco iTech, you can compare the effects of market volatilities on Easyhome New and Ningbo Homelink 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 Ningbo Homelink. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Ningbo Homelink.
Diversification Opportunities for Easyhome New and Ningbo Homelink
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Easyhome and Ningbo is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Ningbo Homelink Eco iTech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Homelink Eco 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 Ningbo Homelink. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Homelink Eco has no effect on the direction of Easyhome New i.e., Easyhome New and Ningbo Homelink go up and down completely randomly.
Pair Corralation between Easyhome New and Ningbo Homelink
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 0.99 times more return on investment than Ningbo Homelink. However, Easyhome New Retail is 1.01 times less risky than Ningbo Homelink. It trades about 0.0 of its potential returns per unit of risk. Ningbo Homelink Eco iTech is currently generating about -0.01 per unit of risk. If you would invest 393.00 in Easyhome New Retail on October 27, 2024 and sell it today you would lose (45.00) from holding Easyhome New Retail or give up 11.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Ningbo Homelink Eco iTech
Performance |
| Timeline |
| Easyhome New Retail |
| Ningbo Homelink Eco |
Easyhome New and Ningbo Homelink Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Ningbo Homelink
The main advantage of trading using opposite Easyhome New and Ningbo Homelink positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Ningbo Homelink 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 Ningbo Homelink will offset losses from the drop in Ningbo Homelink's long position.| Easyhome New vs. Zoje Resources Investment | Easyhome New vs. Xiamen Insight Investment | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Xiandai Investment Co |
| Ningbo Homelink vs. Nanxing Furniture Machinery | Ningbo Homelink vs. Great Sun Foods Co | Ningbo Homelink vs. Anhui Huilong Agricultural | Ningbo Homelink vs. Linzhou Heavy Machinery |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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