Correlation Between Everjoy Health and China Publishing
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By analyzing existing cross correlation between Everjoy Health Group and China Publishing Media, you can compare the effects of market volatilities on Everjoy Health and China Publishing 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 China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and China Publishing.
Diversification Opportunities for Everjoy Health and China Publishing
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Everjoy and China is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media 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 China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Everjoy Health i.e., Everjoy Health and China Publishing go up and down completely randomly.
Pair Corralation between Everjoy Health and China Publishing
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.81 times more return on investment than China Publishing. However, Everjoy Health is 1.81 times more volatile than China Publishing Media. It trades about -0.07 of its potential returns per unit of risk. China Publishing Media is currently generating about -0.15 per unit of risk. If you would invest 351.00 in Everjoy Health Group on October 30, 2024 and sell it today you would lose (22.00) from holding Everjoy Health Group or give up 6.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. China Publishing Media
Performance |
| Timeline |
| Everjoy Health Group |
| China Publishing Media |
Everjoy Health and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and China Publishing
The main advantage of trading using opposite Everjoy Health and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, China Publishing 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 China Publishing will offset losses from the drop in China Publishing's long position.| Everjoy Health vs. Ming Yang Smart | Everjoy Health vs. 159681 | Everjoy Health vs. 159005 | Everjoy Health vs. Loctek Ergonomic Technology |
| China Publishing vs. Guangdong Jingyi Metal | China Publishing vs. Uroica Mining Safety | China Publishing vs. Bomesc Offshore Engineering | China Publishing vs. Tongyu Communication |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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