Correlation Between Easyhome New and Changshu Automotive
Specify exactly 2 symbols:
By analyzing existing cross correlation between Easyhome New Retail and Changshu Automotive Trim, you can compare the effects of market volatilities on Easyhome New and Changshu Automotive 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 Changshu Automotive. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Changshu Automotive.
Diversification Opportunities for Easyhome New and Changshu Automotive
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Easyhome and Changshu is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Changshu Automotive Trim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changshu Automotive Trim 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 Changshu Automotive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changshu Automotive Trim has no effect on the direction of Easyhome New i.e., Easyhome New and Changshu Automotive go up and down completely randomly.
Pair Corralation between Easyhome New and Changshu Automotive
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.33 times more return on investment than Changshu Automotive. However, Easyhome New is 1.33 times more volatile than Changshu Automotive Trim. It trades about 0.02 of its potential returns per unit of risk. Changshu Automotive Trim is currently generating about -0.01 per unit of risk. If you would invest 400.00 in Easyhome New Retail on December 4, 2024 and sell it today you would earn a total of 55.00 from holding Easyhome New Retail or generate 13.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Easyhome New Retail vs. Changshu Automotive Trim
Performance |
| Timeline |
| Easyhome New Retail |
| Changshu Automotive Trim |
Easyhome New and Changshu Automotive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Changshu Automotive
The main advantage of trading using opposite Easyhome New and Changshu Automotive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Changshu Automotive 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 Changshu Automotive will offset losses from the drop in Changshu Automotive's long position.| Easyhome New vs. Shuhua Sports Co | Easyhome New vs. Jiangsu Jinling Sports | Easyhome New vs. Lander Sports Development | Easyhome New vs. Guangxi Wuzhou Communications |
| Changshu Automotive vs. Dhc Software Co | Changshu Automotive vs. Glodon Software Co | Changshu Automotive vs. Gansu Huangtai Wine marketing | Changshu Automotive vs. China National Software |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |