Correlation Between Everjoy Health and Holitech Technology
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By analyzing existing cross correlation between Everjoy Health Group and Holitech Technology Co, you can compare the effects of market volatilities on Everjoy Health and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Holitech Technology.
Diversification Opportunities for Everjoy Health and Holitech Technology
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Everjoy and Holitech is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Everjoy Health i.e., Everjoy Health and Holitech Technology go up and down completely randomly.
Pair Corralation between Everjoy Health and Holitech Technology
Assuming the 90 days trading horizon Everjoy Health is expected to generate 1.67 times less return on investment than Holitech Technology. In addition to that, Everjoy Health is 1.0 times more volatile than Holitech Technology Co. It trades about 0.16 of its total potential returns per unit of risk. Holitech Technology Co is currently generating about 0.27 per unit of volatility. If you would invest 130.00 in Holitech Technology Co on September 2, 2024 and sell it today you would earn a total of 89.00 from holding Holitech Technology Co or generate 68.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Holitech Technology Co
Performance |
| Timeline |
| Everjoy Health Group |
| Holitech Technology |
Everjoy Health and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Holitech Technology
The main advantage of trading using opposite Everjoy Health and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
| Holitech Technology vs. Cultural Investment Holdings | Holitech Technology vs. Gome Telecom Equipment | Holitech Technology vs. Bus Online Co | Holitech Technology vs. Zotye Automobile Co |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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