Correlation Between Everjoy Health and Unigroup Guoxin
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By analyzing existing cross correlation between Everjoy Health Group and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Everjoy Health and Unigroup Guoxin 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 Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Unigroup Guoxin.
Diversification Opportunities for Everjoy Health and Unigroup Guoxin
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Everjoy and Unigroup is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Unigroup Guoxin Microelectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unigroup Guoxin Micr 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 Unigroup Guoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unigroup Guoxin Micr has no effect on the direction of Everjoy Health i.e., Everjoy Health and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Everjoy Health and Unigroup Guoxin
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 0.93 times more return on investment than Unigroup Guoxin. However, Everjoy Health Group is 1.07 times less risky than Unigroup Guoxin. It trades about -0.02 of its potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about -0.09 per unit of risk. If you would invest 363.00 in Everjoy Health Group on August 29, 2024 and sell it today you would lose (8.00) from holding Everjoy Health Group or give up 2.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Everjoy Health Group |
| Unigroup Guoxin Micr |
Everjoy Health and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Unigroup Guoxin
The main advantage of trading using opposite Everjoy Health and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Unigroup Guoxin 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 Unigroup Guoxin will offset losses from the drop in Unigroup Guoxin's long position.| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. China Construction Bank |
| Unigroup Guoxin vs. Nanjing Putian Telecommunications | Unigroup Guoxin vs. Shenzhen Hifuture Electric | Unigroup Guoxin vs. Shenyang Huitian Thermal | Unigroup Guoxin vs. Jiangsu Xinning Modern |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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