Correlation Between Everjoy Health and Guangzhou Boji
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By analyzing existing cross correlation between Everjoy Health Group and Guangzhou Boji Medical, you can compare the effects of market volatilities on Everjoy Health and Guangzhou Boji 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 Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Guangzhou Boji.
Diversification Opportunities for Everjoy Health and Guangzhou Boji
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Everjoy and Guangzhou is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical 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 Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Everjoy Health i.e., Everjoy Health and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Everjoy Health and Guangzhou Boji
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 0.84 times more return on investment than Guangzhou Boji. However, Everjoy Health Group is 1.19 times less risky than Guangzhou Boji. It trades about 0.18 of its potential returns per unit of risk. Guangzhou Boji Medical is currently generating about 0.06 per unit of risk. If you would invest 372.00 in Everjoy Health Group on September 12, 2024 and sell it today you would earn a total of 40.00 from holding Everjoy Health Group or generate 10.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Guangzhou Boji Medical
Performance |
| Timeline |
| Everjoy Health Group |
| Guangzhou Boji Medical |
Everjoy Health and Guangzhou Boji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Guangzhou Boji
The main advantage of trading using opposite Everjoy Health and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. PetroChina Co Ltd |
| Guangzhou Boji vs. Cultural Investment Holdings | Guangzhou Boji vs. Gome Telecom Equipment | Guangzhou Boji vs. Holitech Technology Co | Guangzhou Boji 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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