Correlation Between Everjoy Health and Qingdao NovelBeam
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By analyzing existing cross correlation between Everjoy Health Group and Qingdao NovelBeam Technology, you can compare the effects of market volatilities on Everjoy Health and Qingdao NovelBeam 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 Qingdao NovelBeam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and Qingdao NovelBeam.
Diversification Opportunities for Everjoy Health and Qingdao NovelBeam
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Everjoy and Qingdao is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and Qingdao NovelBeam Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao NovelBeam 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 Qingdao NovelBeam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao NovelBeam has no effect on the direction of Everjoy Health i.e., Everjoy Health and Qingdao NovelBeam go up and down completely randomly.
Pair Corralation between Everjoy Health and Qingdao NovelBeam
Assuming the 90 days trading horizon Everjoy Health Group is expected to generate 1.1 times more return on investment than Qingdao NovelBeam. However, Everjoy Health is 1.1 times more volatile than Qingdao NovelBeam Technology. It trades about 0.12 of its potential returns per unit of risk. Qingdao NovelBeam Technology is currently generating about -0.09 per unit of risk. If you would invest 388.00 in Everjoy Health Group on September 13, 2024 and sell it today you would earn a total of 24.00 from holding Everjoy Health Group or generate 6.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. Qingdao NovelBeam Technology
Performance |
| Timeline |
| Everjoy Health Group |
| Qingdao NovelBeam |
Everjoy Health and Qingdao NovelBeam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and Qingdao NovelBeam
The main advantage of trading using opposite Everjoy Health and Qingdao NovelBeam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health position performs unexpectedly, Qingdao NovelBeam 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 Qingdao NovelBeam will offset losses from the drop in Qingdao NovelBeam's long position.| Everjoy Health vs. PetroChina Co Ltd | Everjoy Health vs. China Mobile Limited | Everjoy Health vs. CNOOC Limited | Everjoy Health vs. Ping An Insurance |
| Qingdao NovelBeam vs. Guosheng Financial Holding | Qingdao NovelBeam vs. Sichuan Fulin Transportation | Qingdao NovelBeam vs. China Construction Bank | Qingdao NovelBeam vs. Hua Xia Bank |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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