Correlation Between Everjoy Health and State Grid
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By analyzing existing cross correlation between Everjoy Health Group and State Grid InformationCommunication, you can compare the effects of market volatilities on Everjoy Health and State Grid 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 State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and State Grid.
Diversification Opportunities for Everjoy Health and State Grid
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Everjoy and State is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati 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 State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of Everjoy Health i.e., Everjoy Health and State Grid go up and down completely randomly.
Pair Corralation between Everjoy Health and State Grid
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.96 times more return on investment than State Grid. However, Everjoy Health is 1.96 times more volatile than State Grid InformationCommunication. It trades about -0.05 of its potential returns per unit of risk. State Grid InformationCommunication is currently generating about -0.25 per unit of risk. If you would invest 369.00 in Everjoy Health Group on October 30, 2024 and sell it today you would lose (40.00) from holding Everjoy Health Group or give up 10.84% 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. State Grid InformationCommunic
Performance |
| Timeline |
| Everjoy Health Group |
| State Grid Informati |
Everjoy Health and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and State Grid
The main advantage of trading using opposite Everjoy Health and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| Everjoy Health vs. Ming Yang Smart | Everjoy Health vs. 159681 | Everjoy Health vs. 159005 | Everjoy Health vs. Loctek Ergonomic Technology |
| State Grid vs. Ningbo MedicalSystem Biotechnology | State Grid vs. Marssenger Kitchenware Co | State Grid vs. Yindu Kitchen Equipment | State Grid vs. Shandong Sinoglory 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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