Correlation Between Easyhome New and Shengyi Technology
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By analyzing existing cross correlation between Easyhome New Retail and Shengyi Technology Co, you can compare the effects of market volatilities on Easyhome New and Shengyi Technology 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 Shengyi Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shengyi Technology.
Diversification Opportunities for Easyhome New and Shengyi Technology
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Easyhome and Shengyi is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shengyi Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shengyi Technology 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 Shengyi Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shengyi Technology has no effect on the direction of Easyhome New i.e., Easyhome New and Shengyi Technology go up and down completely randomly.
Pair Corralation between Easyhome New and Shengyi Technology
Assuming the 90 days trading horizon Easyhome New Retail is expected to under-perform the Shengyi Technology. But the stock apears to be less risky and, when comparing its historical volatility, Easyhome New Retail is 1.11 times less risky than Shengyi Technology. The stock trades about -0.01 of its potential returns per unit of risk. The Shengyi Technology Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,492 in Shengyi Technology Co on September 4, 2024 and sell it today you would earn a total of 634.00 from holding Shengyi Technology Co or generate 42.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Shengyi Technology Co
Performance |
| Timeline |
| Easyhome New Retail |
| Shengyi Technology |
Easyhome New and Shengyi Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shengyi Technology
The main advantage of trading using opposite Easyhome New and Shengyi Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shengyi Technology 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 Shengyi Technology will offset losses from the drop in Shengyi Technology's long position.| Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Zhejiang Publishing Media | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Duzhe Publishing Media |
| Shengyi Technology vs. Hubei Xingfa Chemicals | Shengyi Technology vs. Harbin Air Conditioning | Shengyi Technology vs. Techshine Electronics Co | Shengyi Technology vs. Leyard Optoelectronic |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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