Correlation Between Everjoy Health and Bomin Electronics
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By analyzing existing cross correlation between Everjoy Health Group and Bomin Electronics Co, you can compare the effects of market volatilities on Everjoy Health and Bomin Electronics 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 Bomin Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Bomin Electronics.
Diversification Opportunities for Everjoy Health and Bomin Electronics
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Everjoy and Bomin is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Bomin Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bomin Electronics 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 Bomin Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bomin Electronics has no effect on the direction of Everjoy Health i.e., Everjoy Health and Bomin Electronics go up and down completely randomly.
Pair Corralation between Everjoy Health and Bomin Electronics
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.13 times more return on investment than Bomin Electronics. However, Everjoy Health is 1.13 times more volatile than Bomin Electronics Co. It trades about -0.07 of its potential returns per unit of risk. Bomin Electronics Co is currently generating about -0.08 per unit of risk. If you would invest 351.00 in Everjoy Health Group on November 2, 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. Bomin Electronics Co
Performance |
| Timeline |
| Everjoy Health Group |
| Bomin Electronics |
Everjoy Health and Bomin Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Bomin Electronics
The main advantage of trading using opposite Everjoy Health and Bomin Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Bomin Electronics 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 Bomin Electronics will offset losses from the drop in Bomin Electronics' long position.| Everjoy Health vs. Holitech Technology Co | Everjoy Health vs. Linktel Technologies Co | Everjoy Health vs. XiaMen HongXin Electron tech | Everjoy Health vs. Linewell Software Co |
| Bomin Electronics vs. Fujian Longzhou Transportation | Bomin Electronics vs. Guangdong Wens Foodstuff | Bomin Electronics vs. Silkroad Visual Technology | Bomin Electronics vs. Xiwang Foodstuffs 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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