Correlation Between Suofeiya Home and Easyhome New
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By analyzing existing cross correlation between Suofeiya Home Collection and Easyhome New Retail, you can compare the effects of market volatilities on Suofeiya Home 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 Suofeiya Home with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suofeiya Home and Easyhome New.
Diversification Opportunities for Suofeiya Home and Easyhome New
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Suofeiya and Easyhome is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Suofeiya Home Collection 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 Suofeiya Home 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 Suofeiya Home Collection 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 Suofeiya Home i.e., Suofeiya Home and Easyhome New go up and down completely randomly.
Pair Corralation between Suofeiya Home and Easyhome New
Assuming the 90 days trading horizon Suofeiya Home Collection is expected to under-perform the Easyhome New. But the stock apears to be less risky and, when comparing its historical volatility, Suofeiya Home Collection is 1.45 times less risky than Easyhome New. The stock trades about -0.02 of its potential returns per unit of risk. The Easyhome New Retail is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 296.00 in Easyhome New Retail on September 12, 2024 and sell it today you would earn a total of 60.00 from holding Easyhome New Retail or generate 20.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suofeiya Home Collection vs. Easyhome New Retail
Performance |
| Timeline |
| Suofeiya Home Collection |
| Easyhome New Retail |
Suofeiya Home and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suofeiya Home and Easyhome New
The main advantage of trading using opposite Suofeiya Home and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suofeiya Home 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.| Suofeiya Home vs. Lutian Machinery Co | Suofeiya Home vs. PetroChina Co Ltd | Suofeiya Home vs. Bank of China | Suofeiya Home vs. Gansu Jiu Steel |
| Easyhome New vs. Lutian Machinery Co | Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. Bank of China | Easyhome New vs. Gansu Jiu Steel |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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