Correlation Between Everjoy Health and Beijing Kingsoft
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By analyzing existing cross correlation between Everjoy Health Group and Beijing Kingsoft Office, you can compare the effects of market volatilities on Everjoy Health and Beijing Kingsoft 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 Beijing Kingsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Beijing Kingsoft.
Diversification Opportunities for Everjoy Health and Beijing Kingsoft
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Everjoy and Beijing is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Beijing Kingsoft Office in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kingsoft Office 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 Beijing Kingsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kingsoft Office has no effect on the direction of Everjoy Health i.e., Everjoy Health and Beijing Kingsoft go up and down completely randomly.
Pair Corralation between Everjoy Health and Beijing Kingsoft
Assuming the 90 days trading horizon Everjoy Health Group is expected to under-perform the Beijing Kingsoft. But the stock apears to be less risky and, when comparing its historical volatility, Everjoy Health Group is 1.34 times less risky than Beijing Kingsoft. The stock trades about -0.01 of its potential returns per unit of risk. The Beijing Kingsoft Office is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 30,159 in Beijing Kingsoft Office on October 16, 2024 and sell it today you would lose (2,559) from holding Beijing Kingsoft Office or give up 8.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Beijing Kingsoft Office
Performance |
| Timeline |
| Everjoy Health Group |
| Beijing Kingsoft Office |
Everjoy Health and Beijing Kingsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Beijing Kingsoft
The main advantage of trading using opposite Everjoy Health and Beijing Kingsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Beijing Kingsoft 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 Beijing Kingsoft will offset losses from the drop in Beijing Kingsoft's long position.| Everjoy Health vs. AVIC Fund Management | Everjoy Health vs. Shandong Polymer Biochemicals | Everjoy Health vs. Chengdu Spaceon Electronics | Everjoy Health vs. XinJiang GuoTong Pipeline |
| Beijing Kingsoft vs. Lotus Health Group | Beijing Kingsoft vs. Shandong Sinoglory Health | Beijing Kingsoft vs. Mingchen Health Co | Beijing Kingsoft vs. Everjoy Health Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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