Correlation Between Everjoy Health and Fujian Longzhou
Specify exactly 2 symbols:
By analyzing existing cross correlation between Everjoy Health Group and Fujian Longzhou Transportation, you can compare the effects of market volatilities on Everjoy Health and Fujian Longzhou 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 Fujian Longzhou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Fujian Longzhou.
Diversification Opportunities for Everjoy Health and Fujian Longzhou
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Everjoy and Fujian is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Fujian Longzhou Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Longzhou Tran 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 Fujian Longzhou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Longzhou Tran has no effect on the direction of Everjoy Health i.e., Everjoy Health and Fujian Longzhou go up and down completely randomly.
Pair Corralation between Everjoy Health and Fujian Longzhou
Assuming the 90 days trading horizon Everjoy Health is expected to generate 2.53 times less return on investment than Fujian Longzhou. But when comparing it to its historical volatility, Everjoy Health Group is 1.43 times less risky than Fujian Longzhou. It trades about 0.19 of its potential returns per unit of risk. Fujian Longzhou Transportation is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 427.00 in Fujian Longzhou Transportation on September 5, 2024 and sell it today you would earn a total of 164.00 from holding Fujian Longzhou Transportation or generate 38.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Everjoy Health Group vs. Fujian Longzhou Transportation
Performance |
| Timeline |
| Everjoy Health Group |
| Fujian Longzhou Tran |
Everjoy Health and Fujian Longzhou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Fujian Longzhou
The main advantage of trading using opposite Everjoy Health and Fujian Longzhou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Fujian Longzhou 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 Fujian Longzhou will offset losses from the drop in Fujian Longzhou'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 |
| Fujian Longzhou vs. Yunnan Jianzhijia Health Chain | Fujian Longzhou vs. Lotus Health Group | Fujian Longzhou vs. Everjoy Health Group | Fujian Longzhou vs. Shanghai Rongtai Health |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |