Correlation Between Easyhome New and Techshine Electronics
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By analyzing existing cross correlation between Easyhome New Retail and Techshine Electronics Co, you can compare the effects of market volatilities on Easyhome New and Techshine Electronics 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 Techshine Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Techshine Electronics.
Diversification Opportunities for Easyhome New and Techshine Electronics
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Easyhome and Techshine is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Techshine Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Techshine Electronics 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 Techshine Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Techshine Electronics has no effect on the direction of Easyhome New i.e., Easyhome New and Techshine Electronics go up and down completely randomly.
Pair Corralation between Easyhome New and Techshine Electronics
Assuming the 90 days trading horizon Easyhome New is expected to generate 4.8 times less return on investment than Techshine Electronics. But when comparing it to its historical volatility, Easyhome New Retail is 1.27 times less risky than Techshine Electronics. It trades about 0.0 of its potential returns per unit of risk. Techshine Electronics Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,889 in Techshine Electronics Co on October 16, 2024 and sell it today you would lose (1.00) from holding Techshine Electronics Co or give up 0.05% 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. Techshine Electronics Co
Performance |
| Timeline |
| Easyhome New Retail |
| Techshine Electronics |
Easyhome New and Techshine Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Techshine Electronics
The main advantage of trading using opposite Easyhome New and Techshine Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Techshine Electronics 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 Techshine Electronics will offset losses from the drop in Techshine Electronics' long position.| Easyhome New vs. Olympic Circuit Technology | Easyhome New vs. Digiwin Software Co | Easyhome New vs. Bangyan Technology Co | Easyhome New vs. Nanjing Vishee Medical |
| Techshine Electronics vs. CSSC Offshore Marine | Techshine Electronics vs. Jiangsu Yueda Investment | Techshine Electronics vs. Citic Offshore Helicopter | Techshine Electronics 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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