Correlation Between Beijing Bewinner and Easyhome New
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By analyzing existing cross correlation between Beijing Bewinner Communications and Easyhome New Retail, you can compare the effects of market volatilities on Beijing Bewinner and Easyhome New 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 Beijing Bewinner with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Easyhome New.
Diversification Opportunities for Beijing Bewinner and Easyhome New
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beijing and Easyhome is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Easyhome New go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Easyhome New
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 0.84 times more return on investment than Easyhome New. However, Beijing Bewinner Communications is 1.2 times less risky than Easyhome New. It trades about -0.14 of its potential returns per unit of risk. Easyhome New Retail is currently generating about -0.12 per unit of risk. If you would invest 734.00 in Beijing Bewinner Communications on October 20, 2024 and sell it today you would lose (95.00) from holding Beijing Bewinner Communications or give up 12.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Easyhome New Retail
Performance |
| Timeline |
| Beijing Bewinner Com |
| Easyhome New Retail |
Beijing Bewinner and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Easyhome New
The main advantage of trading using opposite Beijing Bewinner and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.| Beijing Bewinner vs. Shenzhen Silver Basis | Beijing Bewinner vs. Changchun UP Optotech | Beijing Bewinner vs. Kuang Chi Technologies | Beijing Bewinner vs. Xinjiang Baodi Mining |
| Easyhome New vs. Ningbo Construction Co | Easyhome New vs. Jinxiandai Information Industry | Easyhome New vs. Zhongfu Information | Easyhome New vs. Eastroc Beverage Group |
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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