Correlation Between Emdoor Information and Huaxia Eye
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By analyzing existing cross correlation between Emdoor Information Co and Huaxia Eye Hospital, you can compare the effects of market volatilities on Emdoor Information and Huaxia Eye 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 Emdoor Information with a short position of Huaxia Eye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Emdoor Information and Huaxia Eye.
Diversification Opportunities for Emdoor Information and Huaxia Eye
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Emdoor and Huaxia is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Emdoor Information Co and Huaxia Eye Hospital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Eye Hospital and Emdoor Information 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 Emdoor Information Co are associated (or correlated) with Huaxia Eye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Eye Hospital has no effect on the direction of Emdoor Information i.e., Emdoor Information and Huaxia Eye go up and down completely randomly.
Pair Corralation between Emdoor Information and Huaxia Eye
Assuming the 90 days trading horizon Emdoor Information Co is expected to generate 3.55 times more return on investment than Huaxia Eye. However, Emdoor Information is 3.55 times more volatile than Huaxia Eye Hospital. It trades about 0.01 of its potential returns per unit of risk. Huaxia Eye Hospital is currently generating about -0.46 per unit of risk. If you would invest 4,559 in Emdoor Information Co on October 18, 2024 and sell it today you would lose (79.00) from holding Emdoor Information Co or give up 1.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Emdoor Information Co vs. Huaxia Eye Hospital
Performance |
| Timeline |
| Emdoor Information |
| Huaxia Eye Hospital |
Emdoor Information and Huaxia Eye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Emdoor Information and Huaxia Eye
The main advantage of trading using opposite Emdoor Information and Huaxia Eye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Emdoor Information position performs unexpectedly, Huaxia Eye 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 Huaxia Eye will offset losses from the drop in Huaxia Eye's long position.| Emdoor Information vs. Jiangsu Financial Leasing | Emdoor Information vs. Jiugui Liquor Co | Emdoor Information vs. Sino Platinum Metals Co | Emdoor Information vs. Jinhui Liquor Co |
| Huaxia Eye vs. Runjian Communication Co | Huaxia Eye vs. Guangzhou Ruoyuchen Information | Huaxia Eye vs. AVCON Information Tech | Huaxia Eye vs. Guangdong Shenglu Telecommunication |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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