Correlation Between Easyhome New and Hainan Mining
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By analyzing existing cross correlation between Easyhome New Retail and Hainan Mining Co, you can compare the effects of market volatilities on Easyhome New and Hainan Mining 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 Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Hainan Mining.
Diversification Opportunities for Easyhome New and Hainan Mining
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Hainan is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining 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 Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Easyhome New i.e., Easyhome New and Hainan Mining go up and down completely randomly.
Pair Corralation between Easyhome New and Hainan Mining
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.18 times more return on investment than Hainan Mining. However, Easyhome New is 1.18 times more volatile than Hainan Mining Co. It trades about 0.01 of its potential returns per unit of risk. Hainan Mining Co is currently generating about -0.01 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 Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Hainan Mining Co
Performance |
| Timeline |
| Easyhome New Retail |
| Hainan Mining |
Easyhome New and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Hainan Mining
The main advantage of trading using opposite Easyhome New and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining'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 |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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