Correlation Between Everjoy Health and Lianhe Chemical
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By analyzing existing cross correlation between Everjoy Health Group and Lianhe Chemical Technology, you can compare the effects of market volatilities on Everjoy Health and Lianhe Chemical 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 Lianhe Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Lianhe Chemical.
Diversification Opportunities for Everjoy Health and Lianhe Chemical
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Everjoy and Lianhe is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Lianhe Chemical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lianhe Chemical Tech 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 Lianhe Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lianhe Chemical Tech has no effect on the direction of Everjoy Health i.e., Everjoy Health and Lianhe Chemical go up and down completely randomly.
Pair Corralation between Everjoy Health and Lianhe Chemical
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.22 times more return on investment than Lianhe Chemical. However, Everjoy Health is 1.22 times more volatile than Lianhe Chemical Technology. It trades about -0.01 of its potential returns per unit of risk. Lianhe Chemical Technology is currently generating about -0.02 per unit of risk. If you would invest 426.00 in Everjoy Health Group on November 5, 2024 and sell it today you would lose (97.00) from holding Everjoy Health Group or give up 22.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Lianhe Chemical Technology
Performance |
| Timeline |
| Everjoy Health Group |
| Lianhe Chemical Tech |
Everjoy Health and Lianhe Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Lianhe Chemical
The main advantage of trading using opposite Everjoy Health and Lianhe Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Lianhe Chemical 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 Lianhe Chemical will offset losses from the drop in Lianhe Chemical's long position.| Everjoy Health vs. Kweichow Moutai Co | Everjoy Health vs. Beijing Roborock Technology | Everjoy Health vs. G bits Network Technology | Everjoy Health vs. China Mobile Limited |
| Lianhe Chemical vs. Hua Xia Bank | Lianhe Chemical vs. Shanghai Ziyan Foods | Lianhe Chemical vs. Yankershop Food Co | Lianhe Chemical vs. Financial Street Holdings |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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