Correlation Between Easyhome New and Hoshine Silicon
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By analyzing existing cross correlation between Easyhome New Retail and Hoshine Silicon Ind, you can compare the effects of market volatilities on Easyhome New and Hoshine Silicon 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 Hoshine Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Hoshine Silicon.
Diversification Opportunities for Easyhome New and Hoshine Silicon
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Hoshine is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Hoshine Silicon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoshine Silicon Ind 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 Hoshine Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoshine Silicon Ind has no effect on the direction of Easyhome New i.e., Easyhome New and Hoshine Silicon go up and down completely randomly.
Pair Corralation between Easyhome New and Hoshine Silicon
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 4.81 times more return on investment than Hoshine Silicon. However, Easyhome New is 4.81 times more volatile than Hoshine Silicon Ind. It trades about 0.22 of its potential returns per unit of risk. Hoshine Silicon Ind is currently generating about 0.02 per unit of risk. If you would invest 291.00 in Easyhome New Retail on September 27, 2024 and sell it today you would earn a total of 89.00 from holding Easyhome New Retail or generate 30.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Hoshine Silicon Ind
Performance |
| Timeline |
| Easyhome New Retail |
| Hoshine Silicon Ind |
Easyhome New and Hoshine Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Hoshine Silicon
The main advantage of trading using opposite Easyhome New and Hoshine Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Hoshine Silicon 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 Hoshine Silicon will offset losses from the drop in Hoshine Silicon's long position.| Easyhome New vs. Peoples Insurance of | Easyhome New vs. Shenzhen Glory Medical | Easyhome New vs. China Aluminum International | Easyhome New vs. Shanghai Jinfeng Wine |
| Hoshine Silicon vs. Zijin Mining Group | Hoshine Silicon vs. Wanhua Chemical Group | Hoshine Silicon vs. Baoshan Iron Steel | Hoshine Silicon vs. Shandong Gold Mining |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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