Correlation Between Easyhome New and Fujian Oriental
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By analyzing existing cross correlation between Easyhome New Retail and Fujian Oriental Silver, you can compare the effects of market volatilities on Easyhome New and Fujian Oriental 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 Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Fujian Oriental.
Diversification Opportunities for Easyhome New and Fujian Oriental
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Easyhome and Fujian is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Easyhome New i.e., Easyhome New and Fujian Oriental go up and down completely randomly.
Pair Corralation between Easyhome New and Fujian Oriental
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 0.72 times more return on investment than Fujian Oriental. However, Easyhome New Retail is 1.38 times less risky than Fujian Oriental. It trades about 0.01 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about -0.03 per unit of risk. If you would invest 381.00 in Easyhome New Retail on October 15, 2024 and sell it today you would lose (18.00) from holding Easyhome New Retail or give up 4.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Fujian Oriental Silver
Performance |
| Timeline |
| Easyhome New Retail |
| Fujian Oriental Silver |
Easyhome New and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Fujian Oriental
The main advantage of trading using opposite Easyhome New and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental's 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 |
| Fujian Oriental vs. Gan Yuan Foods | Fujian Oriental vs. Tibet Huayu Mining | Fujian Oriental vs. Bosera CMSK Industrial | Fujian Oriental vs. Chengtun Mining Group |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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