Correlation Between Easyhome New and Shanghai Yanpu
Specify exactly 2 symbols:
By analyzing existing cross correlation between Easyhome New Retail and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Easyhome New and Shanghai Yanpu 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 Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Shanghai Yanpu.
Diversification Opportunities for Easyhome New and Shanghai Yanpu
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Shanghai is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal 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 Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Easyhome New i.e., Easyhome New and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Easyhome New and Shanghai Yanpu
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.46 times more return on investment than Shanghai Yanpu. However, Easyhome New is 2.46 times more volatile than Shanghai Yanpu Metal. It trades about 0.15 of its potential returns per unit of risk. Shanghai Yanpu Metal is currently generating about 0.12 per unit of risk. If you would invest 292.00 in Easyhome New Retail on November 27, 2024 and sell it today you would earn a total of 143.00 from holding Easyhome New Retail or generate 48.97% 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. Shanghai Yanpu Metal
Performance |
| Timeline |
| Easyhome New Retail |
| Shanghai Yanpu Metal |
Easyhome New and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Shanghai Yanpu
The main advantage of trading using opposite Easyhome New and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Easyhome New vs. Jiahe Foods Industry | Easyhome New vs. Eastroc Beverage Group | Easyhome New vs. Shandong Huifa Foodstuff | Easyhome New vs. Queclink Wireless Solutions |
| Shanghai Yanpu vs. Bangyan Technology Co | Shanghai Yanpu vs. Guangzhou KingTeller Technology | Shanghai Yanpu vs. Nantong JiangTian Chemical | Shanghai Yanpu vs. Hengyi Petrochemical Co |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |