Correlation Between Shenzhen MYS and Easyhome New
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Easyhome New Retail, you can compare the effects of market volatilities on Shenzhen MYS and Easyhome New 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 Shenzhen MYS with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Easyhome New.
Diversification Opportunities for Shenzhen MYS and Easyhome New
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenzhen and Easyhome is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and Shenzhen MYS 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 Shenzhen MYS Environmental are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Easyhome New go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Easyhome New
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 0.98 times more return on investment than Easyhome New. However, Shenzhen MYS Environmental is 1.02 times less risky than Easyhome New. It trades about 0.05 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.03 per unit of risk. If you would invest 282.00 in Shenzhen MYS Environmental on September 14, 2024 and sell it today you would earn a total of 132.00 from holding Shenzhen MYS Environmental or generate 46.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Easyhome New Retail
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Easyhome New Retail |
Shenzhen MYS and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Easyhome New
The main advantage of trading using opposite Shenzhen MYS and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
| Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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