Correlation Between Everjoy Health and Hangzhou Gaoxin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Everjoy Health Group and Hangzhou Gaoxin Rubber, you can compare the effects of market volatilities on Everjoy Health and Hangzhou Gaoxin 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 Hangzhou Gaoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Hangzhou Gaoxin.
Diversification Opportunities for Everjoy Health and Hangzhou Gaoxin
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Everjoy and Hangzhou is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Hangzhou Gaoxin Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gaoxin Rubber 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 Hangzhou Gaoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gaoxin Rubber has no effect on the direction of Everjoy Health i.e., Everjoy Health and Hangzhou Gaoxin go up and down completely randomly.
Pair Corralation between Everjoy Health and Hangzhou Gaoxin
Assuming the 90 days trading horizon Everjoy Health is expected to generate 4.44 times less return on investment than Hangzhou Gaoxin. But when comparing it to its historical volatility, Everjoy Health Group is 1.2 times less risky than Hangzhou Gaoxin. It trades about 0.01 of its potential returns per unit of risk. Hangzhou Gaoxin Rubber is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 959.00 in Hangzhou Gaoxin Rubber on September 13, 2024 and sell it today you would earn a total of 166.00 from holding Hangzhou Gaoxin Rubber or generate 17.31% 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. Hangzhou Gaoxin Rubber
Performance |
| Timeline |
| Everjoy Health Group |
| Hangzhou Gaoxin Rubber |
Everjoy Health and Hangzhou Gaoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Hangzhou Gaoxin
The main advantage of trading using opposite Everjoy Health and Hangzhou Gaoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Hangzhou Gaoxin 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 Hangzhou Gaoxin will offset losses from the drop in Hangzhou Gaoxin's long position.| Everjoy Health vs. PetroChina Co Ltd | Everjoy Health vs. China Mobile Limited | Everjoy Health vs. CNOOC Limited | Everjoy Health vs. Ping An Insurance |
| Hangzhou Gaoxin vs. Hangzhou Coco Healthcare | Hangzhou Gaoxin vs. Everjoy Health Group | Hangzhou Gaoxin vs. Hangzhou Pinming Software | Hangzhou Gaoxin vs. Glodon Software 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |