Correlation Between Easyhome New and Shandong Sanyuan
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By analyzing existing cross correlation between Easyhome New Retail and Shandong Sanyuan Biotechnology, you can compare the effects of market volatilities on Easyhome New and Shandong Sanyuan 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 Shandong Sanyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shandong Sanyuan.
Diversification Opportunities for Easyhome New and Shandong Sanyuan
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Easyhome and Shandong is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shandong Sanyuan Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sanyuan Bio 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 Shandong Sanyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sanyuan Bio has no effect on the direction of Easyhome New i.e., Easyhome New and Shandong Sanyuan go up and down completely randomly.
Pair Corralation between Easyhome New and Shandong Sanyuan
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.22 times more return on investment than Shandong Sanyuan. However, Easyhome New is 1.22 times more volatile than Shandong Sanyuan Biotechnology. It trades about 0.02 of its potential returns per unit of risk. Shandong Sanyuan Biotechnology is currently generating about -0.02 per unit of risk. If you would invest 378.00 in Easyhome New Retail on October 11, 2024 and sell it today you would earn a total of 41.00 from holding Easyhome New Retail or generate 10.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Shandong Sanyuan Biotechnology
Performance |
| Timeline |
| Easyhome New Retail |
| Shandong Sanyuan Bio |
Easyhome New and Shandong Sanyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shandong Sanyuan
The main advantage of trading using opposite Easyhome New and Shandong Sanyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shandong Sanyuan 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 Shandong Sanyuan will offset losses from the drop in Shandong Sanyuan's long position.| Easyhome New vs. Shannon Semiconductor Technology | Easyhome New vs. Suzhou Oriental Semiconductor | Easyhome New vs. HeNan Splendor Science | Easyhome New vs. GRINM Semiconductor Materials |
| Shandong Sanyuan vs. Luolai Home Textile | Shandong Sanyuan vs. Easyhome New Retail | Shandong Sanyuan vs. China Sports Industry | Shandong Sanyuan vs. Sanbo Hospital Management |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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