Correlation Between Everjoy Health and Guangdong Fenghua
Specify exactly 2 symbols:
By analyzing existing cross correlation between Everjoy Health Group and Guangdong Fenghua Advanced, you can compare the effects of market volatilities on Everjoy Health and Guangdong Fenghua 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 Everjoy Health with a short position of Guangdong Fenghua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Guangdong Fenghua.
Diversification Opportunities for Everjoy Health and Guangdong Fenghua
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Everjoy and Guangdong is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Guangdong Fenghua Advanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Fenghua and Everjoy Health 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 Everjoy Health Group are associated (or correlated) with Guangdong Fenghua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Fenghua has no effect on the direction of Everjoy Health i.e., Everjoy Health and Guangdong Fenghua go up and down completely randomly.
Pair Corralation between Everjoy Health and Guangdong Fenghua
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.3 times more return on investment than Guangdong Fenghua. However, Everjoy Health is 1.3 times more volatile than Guangdong Fenghua Advanced. It trades about 0.2 of its potential returns per unit of risk. Guangdong Fenghua Advanced is currently generating about 0.12 per unit of risk. If you would invest 279.00 in Everjoy Health Group on September 12, 2024 and sell it today you would earn a total of 133.00 from holding Everjoy Health Group or generate 47.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Guangdong Fenghua Advanced
Performance |
| Timeline |
| Everjoy Health Group |
| Guangdong Fenghua |
Everjoy Health and Guangdong Fenghua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Guangdong Fenghua
The main advantage of trading using opposite Everjoy Health and Guangdong Fenghua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Guangdong Fenghua 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 Guangdong Fenghua will offset losses from the drop in Guangdong Fenghua's long position.| Everjoy Health vs. PetroChina Co Ltd | Everjoy Health vs. China Mobile Limited | Everjoy Health vs. CNOOC Limited | Everjoy Health vs. Ping An Insurance |
| Guangdong Fenghua vs. ZYF Lopsking Aluminum | Guangdong Fenghua vs. Eastern Air Logistics | Guangdong Fenghua vs. Hefei Metalforming Mach | Guangdong Fenghua vs. Tongling Nonferrous Metals |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |