Correlation Between Easyhome New and Touchstone International
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By analyzing existing cross correlation between Easyhome New Retail and Touchstone International Medical, you can compare the effects of market volatilities on Easyhome New and Touchstone International 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 Touchstone International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Touchstone International.
Diversification Opportunities for Easyhome New and Touchstone International
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Easyhome and Touchstone is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Touchstone International Medic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Touchstone International 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 Touchstone International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Touchstone International has no effect on the direction of Easyhome New i.e., Easyhome New and Touchstone International go up and down completely randomly.
Pair Corralation between Easyhome New and Touchstone International
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.98 times more return on investment than Touchstone International. However, Easyhome New is 1.98 times more volatile than Touchstone International Medical. It trades about 0.32 of its potential returns per unit of risk. Touchstone International Medical is currently generating about 0.0 per unit of risk. If you would invest 298.00 in Easyhome New Retail on September 13, 2024 and sell it today you would earn a total of 94.00 from holding Easyhome New Retail or generate 31.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Touchstone International Medic
Performance |
| Timeline |
| Easyhome New Retail |
| Touchstone International |
Easyhome New and Touchstone International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Touchstone International
The main advantage of trading using opposite Easyhome New and Touchstone International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Touchstone International 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 Touchstone International will offset losses from the drop in Touchstone International's long position.| Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New vs. Loctek Ergonomic Technology |
| Touchstone International vs. Industrial and Commercial | Touchstone International vs. Kweichow Moutai Co | Touchstone International vs. Agricultural Bank of | Touchstone International vs. China Mobile Limited |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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