Correlation Between Everjoy Health and Ningbo Jintian
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By analyzing existing cross correlation between Everjoy Health Group and Ningbo Jintian Copper, you can compare the effects of market volatilities on Everjoy Health and Ningbo Jintian 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 Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Ningbo Jintian.
Diversification Opportunities for Everjoy Health and Ningbo Jintian
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Everjoy and Ningbo is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper 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 Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Everjoy Health i.e., Everjoy Health and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Everjoy Health and Ningbo Jintian
Assuming the 90 days trading horizon Everjoy Health Group is expected to under-perform the Ningbo Jintian. In addition to that, Everjoy Health is 1.56 times more volatile than Ningbo Jintian Copper. It trades about 0.0 of its total potential returns per unit of risk. Ningbo Jintian Copper is currently generating about 0.01 per unit of volatility. If you would invest 653.00 in Ningbo Jintian Copper on September 12, 2024 and sell it today you would earn a total of 18.00 from holding Ningbo Jintian Copper or generate 2.76% 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. Ningbo Jintian Copper
Performance |
| Timeline |
| Everjoy Health Group |
| Ningbo Jintian Copper |
Everjoy Health and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Ningbo Jintian
The main advantage of trading using opposite Everjoy Health and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian'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 |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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