Correlation Between Everjoy Health and Sinosteel Luonai
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By analyzing existing cross correlation between Everjoy Health Group and Sinosteel Luonai Materials, you can compare the effects of market volatilities on Everjoy Health and Sinosteel Luonai 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 Sinosteel Luonai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Sinosteel Luonai.
Diversification Opportunities for Everjoy Health and Sinosteel Luonai
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Everjoy and Sinosteel is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Sinosteel Luonai Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinosteel Luonai Mat 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 Sinosteel Luonai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinosteel Luonai Mat has no effect on the direction of Everjoy Health i.e., Everjoy Health and Sinosteel Luonai go up and down completely randomly.
Pair Corralation between Everjoy Health and Sinosteel Luonai
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.35 times more return on investment than Sinosteel Luonai. However, Everjoy Health is 1.35 times more volatile than Sinosteel Luonai Materials. It trades about 0.08 of its potential returns per unit of risk. Sinosteel Luonai Materials is currently generating about 0.02 per unit of risk. If you would invest 353.00 in Everjoy Health Group on September 1, 2024 and sell it today you would earn a total of 16.00 from holding Everjoy Health Group or generate 4.53% 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. Sinosteel Luonai Materials
Performance |
| Timeline |
| Everjoy Health Group |
| Sinosteel Luonai Mat |
Everjoy Health and Sinosteel Luonai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Sinosteel Luonai
The main advantage of trading using opposite Everjoy Health and Sinosteel Luonai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Sinosteel Luonai 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 Sinosteel Luonai will offset losses from the drop in Sinosteel Luonai's long position.| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
| Sinosteel Luonai vs. Hangzhou Minsheng Healthcare | Sinosteel Luonai vs. Yunnan Jianzhijia Health Chain | Sinosteel Luonai vs. Everjoy Health Group | Sinosteel Luonai vs. By 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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