Correlation Between Easyhome New and Shandong Publishing
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By analyzing existing cross correlation between Easyhome New Retail and Shandong Publishing Media, you can compare the effects of market volatilities on Easyhome New and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shandong Publishing.
Diversification Opportunities for Easyhome New and Shandong Publishing
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Easyhome and Shandong is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Easyhome New i.e., Easyhome New and Shandong Publishing go up and down completely randomly.
Pair Corralation between Easyhome New and Shandong Publishing
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.31 times more return on investment than Shandong Publishing. However, Easyhome New is 2.31 times more volatile than Shandong Publishing Media. It trades about 0.23 of its potential returns per unit of risk. Shandong Publishing Media is currently generating about 0.06 per unit of risk. If you would invest 292.00 in Easyhome New Retail on September 28, 2024 and sell it today you would earn a total of 97.00 from holding Easyhome New Retail or generate 33.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Shandong Publishing Media
Performance |
| Timeline |
| Easyhome New Retail |
| Shandong Publishing Media |
Easyhome New and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shandong Publishing
The main advantage of trading using opposite Easyhome New and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing's long position.| Easyhome New vs. Hainan Mining Co | Easyhome New vs. Tibet Huayu Mining | Easyhome New vs. Emdoor Information Co | Easyhome New vs. Shenzhen Silver Basis |
| Shandong Publishing vs. Easyhome New Retail | Shandong Publishing vs. China Publishing Media | Shandong Publishing vs. Railway Signal Communication | Shandong Publishing vs. Bank of Communications |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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