Correlation Between Easyhome New and GRIPM Advanced
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By analyzing existing cross correlation between Easyhome New Retail and GRIPM Advanced Materials, you can compare the effects of market volatilities on Easyhome New and GRIPM Advanced 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 GRIPM Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and GRIPM Advanced.
Diversification Opportunities for Easyhome New and GRIPM Advanced
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and GRIPM is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and GRIPM Advanced Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIPM Advanced Materials 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 GRIPM Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIPM Advanced Materials has no effect on the direction of Easyhome New i.e., Easyhome New and GRIPM Advanced go up and down completely randomly.
Pair Corralation between Easyhome New and GRIPM Advanced
Assuming the 90 days trading horizon Easyhome New Retail is expected to under-perform the GRIPM Advanced. In addition to that, Easyhome New is 2.61 times more volatile than GRIPM Advanced Materials. It trades about -0.1 of its total potential returns per unit of risk. GRIPM Advanced Materials is currently generating about -0.13 per unit of volatility. If you would invest 3,460 in GRIPM Advanced Materials on October 13, 2024 and sell it today you would lose (245.00) from holding GRIPM Advanced Materials or give up 7.08% 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. GRIPM Advanced Materials
Performance |
| Timeline |
| Easyhome New Retail |
| GRIPM Advanced Materials |
Easyhome New and GRIPM Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and GRIPM Advanced
The main advantage of trading using opposite Easyhome New and GRIPM Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, GRIPM Advanced 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 GRIPM Advanced will offset losses from the drop in GRIPM Advanced's long position.| Easyhome New vs. Leyard Optoelectronic | Easyhome New vs. Ningbo Kangqiang Electronics | Easyhome New vs. Rising Nonferrous Metals | Easyhome New vs. Jinlong Machinery Electronic |
| GRIPM Advanced vs. Semiconductor Manufacturing Electronics | GRIPM Advanced vs. Easyhome New Retail | GRIPM Advanced vs. Gansu Huangtai Wine marketing | GRIPM Advanced vs. Weihai Honglin Electronic |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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