Correlation Between Easyhome New and Jiahe Foods
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By analyzing existing cross correlation between Easyhome New Retail and Jiahe Foods Industry, you can compare the effects of market volatilities on Easyhome New and Jiahe Foods 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 Jiahe Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Jiahe Foods.
Diversification Opportunities for Easyhome New and Jiahe Foods
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Jiahe is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Jiahe Foods Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiahe Foods Industry 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 Jiahe Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiahe Foods Industry has no effect on the direction of Easyhome New i.e., Easyhome New and Jiahe Foods go up and down completely randomly.
Pair Corralation between Easyhome New and Jiahe Foods
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.9 times more return on investment than Jiahe Foods. However, Easyhome New is 1.9 times more volatile than Jiahe Foods Industry. It trades about -0.19 of its potential returns per unit of risk. Jiahe Foods Industry is currently generating about -0.38 per unit of risk. If you would invest 474.00 in Easyhome New Retail on October 14, 2024 and sell it today you would lose (111.00) from holding Easyhome New Retail or give up 23.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Jiahe Foods Industry
Performance |
| Timeline |
| Easyhome New Retail |
| Jiahe Foods Industry |
Easyhome New and Jiahe Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Jiahe Foods
The main advantage of trading using opposite Easyhome New and Jiahe Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Jiahe Foods 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 Jiahe Foods will offset losses from the drop in Jiahe Foods' long position.| Easyhome New vs. Anhui Tongguan Copper | Easyhome New vs. Guocheng Mining Co | Easyhome New vs. Dalian Thermal Power | Easyhome New vs. Fujian Longzhou Transportation |
| Jiahe Foods vs. Easyhome New Retail | Jiahe Foods vs. HeNan Splendor Science | Jiahe Foods vs. Bomesc Offshore Engineering | Jiahe Foods vs. Hua Xia Bank |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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