Correlation Between Easyhome New and Lutian Machinery
Specify exactly 2 symbols:
By analyzing existing cross correlation between Easyhome New Retail and Lutian Machinery Co, you can compare the effects of market volatilities on Easyhome New and Lutian Machinery 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 Lutian Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Lutian Machinery.
Diversification Opportunities for Easyhome New and Lutian Machinery
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Easyhome and Lutian is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Lutian Machinery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lutian Machinery 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 Lutian Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lutian Machinery has no effect on the direction of Easyhome New i.e., Easyhome New and Lutian Machinery go up and down completely randomly.
Pair Corralation between Easyhome New and Lutian Machinery
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.12 times more return on investment than Lutian Machinery. However, Easyhome New is 1.12 times more volatile than Lutian Machinery Co. It trades about 0.0 of its potential returns per unit of risk. Lutian Machinery Co is currently generating about 0.0 per unit of risk. If you would invest 386.00 in Easyhome New Retail on September 12, 2024 and sell it today you would lose (30.00) from holding Easyhome New Retail or give up 7.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Lutian Machinery Co
Performance |
| Timeline |
| Easyhome New Retail |
| Lutian Machinery |
Easyhome New and Lutian Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Lutian Machinery
The main advantage of trading using opposite Easyhome New and Lutian Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Lutian Machinery 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 Lutian Machinery will offset losses from the drop in Lutian Machinery's long position.| Easyhome New vs. Lutian Machinery Co | Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. Bank of China | Easyhome New vs. Gansu Jiu Steel |
| Lutian Machinery vs. Agricultural Bank of | Lutian Machinery vs. Industrial and Commercial | Lutian Machinery vs. Bank of China | Lutian Machinery vs. PetroChina Co Ltd |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |