Correlation Between XinJiang GuoTong and Everjoy Health
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Everjoy Health Group, you can compare the effects of market volatilities on XinJiang GuoTong and Everjoy Health 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 XinJiang GuoTong with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Everjoy Health.
Diversification Opportunities for XinJiang GuoTong and Everjoy Health
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between XinJiang and Everjoy is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and XinJiang GuoTong 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 XinJiang GuoTong Pipeline are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Everjoy Health go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Everjoy Health
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to generate 0.8 times more return on investment than Everjoy Health. However, XinJiang GuoTong Pipeline is 1.25 times less risky than Everjoy Health. It trades about -0.08 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.07 per unit of risk. If you would invest 869.00 in XinJiang GuoTong Pipeline on October 30, 2024 and sell it today you would lose (49.00) from holding XinJiang GuoTong Pipeline or give up 5.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Everjoy Health Group
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Everjoy Health Group |
XinJiang GuoTong and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Everjoy Health
The main advantage of trading using opposite XinJiang GuoTong and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| XinJiang GuoTong vs. Jiangsu Financial Leasing | XinJiang GuoTong vs. East Money Information | XinJiang GuoTong vs. Rising Nonferrous Metals | XinJiang GuoTong vs. Emdoor Information Co |
| Everjoy Health vs. Ming Yang Smart | Everjoy Health vs. 159681 | Everjoy Health vs. 159005 | Everjoy Health vs. Loctek Ergonomic Technology |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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