Correlation Between Easyhome New and Tsingtao Brewery
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By analyzing existing cross correlation between Easyhome New Retail and Tsingtao Brewery Co, you can compare the effects of market volatilities on Easyhome New and Tsingtao Brewery 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 Tsingtao Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Tsingtao Brewery.
Diversification Opportunities for Easyhome New and Tsingtao Brewery
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Easyhome and Tsingtao is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Tsingtao Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tsingtao Brewery 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 Tsingtao Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tsingtao Brewery has no effect on the direction of Easyhome New i.e., Easyhome New and Tsingtao Brewery go up and down completely randomly.
Pair Corralation between Easyhome New and Tsingtao Brewery
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.48 times more return on investment than Tsingtao Brewery. However, Easyhome New is 1.48 times more volatile than Tsingtao Brewery Co. It trades about 0.05 of its potential returns per unit of risk. Tsingtao Brewery Co is currently generating about 0.03 per unit of risk. If you would invest 273.00 in Easyhome New Retail on October 18, 2024 and sell it today you would earn a total of 81.00 from holding Easyhome New Retail or generate 29.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Tsingtao Brewery Co
Performance |
| Timeline |
| Easyhome New Retail |
| Tsingtao Brewery |
Easyhome New and Tsingtao Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Tsingtao Brewery
The main advantage of trading using opposite Easyhome New and Tsingtao Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Tsingtao Brewery 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 Tsingtao Brewery will offset losses from the drop in Tsingtao Brewery's long position.| Easyhome New vs. Jilin Jlu Communication | Easyhome New vs. Queclink Wireless Solutions | Easyhome New vs. Fiberhome Telecommunication Technologies | Easyhome New vs. Dongfeng Automobile Co |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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