Correlation Between Easyhome New and China Petroleum
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By analyzing existing cross correlation between Easyhome New Retail and China Petroleum Chemical, you can compare the effects of market volatilities on Easyhome New and China Petroleum 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 China Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and China Petroleum.
Diversification Opportunities for Easyhome New and China Petroleum
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Easyhome and China is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and China Petroleum Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Petroleum Chemical 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 China Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Petroleum Chemical has no effect on the direction of Easyhome New i.e., Easyhome New and China Petroleum go up and down completely randomly.
Pair Corralation between Easyhome New and China Petroleum
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.17 times more return on investment than China Petroleum. However, Easyhome New is 2.17 times more volatile than China Petroleum Chemical. It trades about 0.05 of its potential returns per unit of risk. China Petroleum Chemical is currently generating about -0.04 per unit of risk. If you would invest 285.00 in Easyhome New Retail on August 29, 2024 and sell it today you would earn a total of 6.00 from holding Easyhome New Retail or generate 2.11% 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. China Petroleum Chemical
Performance |
| Timeline |
| Easyhome New Retail |
| China Petroleum Chemical |
Easyhome New and China Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and China Petroleum
The main advantage of trading using opposite Easyhome New and China Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, China Petroleum 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 China Petroleum will offset losses from the drop in China Petroleum's long position.| Easyhome New vs. Caihong Display Devices | Easyhome New vs. Shaanxi Construction Machinery | Easyhome New vs. Jiangsu Jinling Sports | Easyhome New vs. Huitong Construction Group |
| China Petroleum vs. Hefei Metalforming Mach | China Petroleum vs. Xinjiang Baodi Mining | China Petroleum vs. Guangdong Jingyi Metal | China Petroleum vs. Hainan Mining Co |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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