Correlation Between Easyhome New and Bloomage Biotechnology
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By analyzing existing cross correlation between Easyhome New Retail and Bloomage Biotechnology Corp, you can compare the effects of market volatilities on Easyhome New and Bloomage Biotechnology 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 Bloomage Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Bloomage Biotechnology.
Diversification Opportunities for Easyhome New and Bloomage Biotechnology
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Easyhome and Bloomage is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Bloomage Biotechnology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloomage Biotechnology 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 Bloomage Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bloomage Biotechnology has no effect on the direction of Easyhome New i.e., Easyhome New and Bloomage Biotechnology go up and down completely randomly.
Pair Corralation between Easyhome New and Bloomage Biotechnology
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 0.89 times more return on investment than Bloomage Biotechnology. However, Easyhome New Retail is 1.12 times less risky than Bloomage Biotechnology. It trades about 0.14 of its potential returns per unit of risk. Bloomage Biotechnology Corp is currently generating about 0.04 per unit of risk. If you would invest 290.00 in Easyhome New Retail on September 4, 2024 and sell it today you would earn a total of 20.00 from holding Easyhome New Retail or generate 6.9% 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. Bloomage Biotechnology Corp
Performance |
| Timeline |
| Easyhome New Retail |
| Bloomage Biotechnology |
Easyhome New and Bloomage Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Bloomage Biotechnology
The main advantage of trading using opposite Easyhome New and Bloomage Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Bloomage Biotechnology 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 Bloomage Biotechnology will offset losses from the drop in Bloomage Biotechnology's long position.| Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Zhejiang Publishing Media | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Duzhe Publishing Media |
| Bloomage Biotechnology vs. Zijin Mining Group | Bloomage Biotechnology vs. Wanhua Chemical Group | Bloomage Biotechnology vs. Baoshan Iron Steel | Bloomage Biotechnology vs. Rongsheng 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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