Correlation Between Easyhome New and Jiangsu Xinri
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By analyzing existing cross correlation between Easyhome New Retail and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Easyhome New and Jiangsu Xinri 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 Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Jiangsu Xinri.
Diversification Opportunities for Easyhome New and Jiangsu Xinri
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Easyhome and Jiangsu is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E 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 Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Easyhome New i.e., Easyhome New and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Easyhome New and Jiangsu Xinri
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.0 times more return on investment than Jiangsu Xinri. However, Easyhome New Retail is 1.0 times less risky than Jiangsu Xinri. It trades about 0.05 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.06 per unit of risk. If you would invest 285.00 in Easyhome New Retail on August 29, 2024 and sell it today you would earn a total of 6.00 from holding Easyhome New Retail or generate 2.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Easyhome New Retail |
| Jiangsu Xinri E |
Easyhome New and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Jiangsu Xinri
The main advantage of trading using opposite Easyhome New and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Easyhome New vs. Caihong Display Devices | Easyhome New vs. Shaanxi Construction Machinery | Easyhome New vs. Jiangsu Jinling Sports | Easyhome New vs. Huitong Construction Group |
| Jiangsu Xinri vs. Shenzhen MYS Environmental | Jiangsu Xinri vs. AVIC Fund Management | Jiangsu Xinri vs. Shenzhen Bingchuan Network | Jiangsu Xinri vs. Penghua Shenzhen Energy |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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