Correlation Between Easyhome New and Bomesc Offshore
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By analyzing existing cross correlation between Easyhome New Retail and Bomesc Offshore Engineering, you can compare the effects of market volatilities on Easyhome New and Bomesc Offshore 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 Bomesc Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Bomesc Offshore.
Diversification Opportunities for Easyhome New and Bomesc Offshore
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Bomesc is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Bomesc Offshore Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bomesc Offshore Engi 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 Bomesc Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bomesc Offshore Engi has no effect on the direction of Easyhome New i.e., Easyhome New and Bomesc Offshore go up and down completely randomly.
Pair Corralation between Easyhome New and Bomesc Offshore
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 3.99 times more return on investment than Bomesc Offshore. However, Easyhome New is 3.99 times more volatile than Bomesc Offshore Engineering. It trades about 0.25 of its potential returns per unit of risk. Bomesc Offshore Engineering is currently generating about -0.12 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 102.00 from holding Easyhome New Retail or generate 34.93% 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. Bomesc Offshore Engineering
Performance |
| Timeline |
| Easyhome New Retail |
| Bomesc Offshore Engi |
Easyhome New and Bomesc Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Bomesc Offshore
The main advantage of trading using opposite Easyhome New and Bomesc Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Bomesc Offshore 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 Bomesc Offshore will offset losses from the drop in Bomesc Offshore'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 |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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