Correlation Between Haoxiangni Jujube and Eit Environmental
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Eit Environmental Development, you can compare the effects of market volatilities on Haoxiangni Jujube and Eit Environmental 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 Haoxiangni Jujube with a short position of Eit Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Eit Environmental.
Diversification Opportunities for Haoxiangni Jujube and Eit Environmental
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haoxiangni and Eit is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Eit Environmental Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eit Environmental and Haoxiangni Jujube 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 Haoxiangni Jujube Co are associated (or correlated) with Eit Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eit Environmental has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Eit Environmental go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Eit Environmental
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 4.03 times more return on investment than Eit Environmental. However, Haoxiangni Jujube is 4.03 times more volatile than Eit Environmental Development. It trades about 0.13 of its potential returns per unit of risk. Eit Environmental Development is currently generating about -0.18 per unit of risk. If you would invest 851.00 in Haoxiangni Jujube Co on October 25, 2024 and sell it today you would earn a total of 139.00 from holding Haoxiangni Jujube Co or generate 16.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Eit Environmental Development
Performance |
| Timeline |
| Haoxiangni Jujube |
| Eit Environmental |
Haoxiangni Jujube and Eit Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Eit Environmental
The main advantage of trading using opposite Haoxiangni Jujube and Eit Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Eit Environmental 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 Eit Environmental will offset losses from the drop in Eit Environmental's long position.| Haoxiangni Jujube vs. Nanjing Putian Telecommunications | Haoxiangni Jujube vs. Shandong Sanyuan Biotechnology | Haoxiangni Jujube vs. Quectel Wireless Solutions | Haoxiangni Jujube vs. Dongfeng Automobile Co |
| Eit Environmental vs. Kweichow Moutai Co | Eit Environmental vs. Contemporary Amperex Technology | Eit Environmental vs. Beijing Roborock Technology | Eit Environmental vs. BYD Co Ltd |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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