Correlation Between Bank of Suzhou and Everjoy Health
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By analyzing existing cross correlation between Bank of Suzhou and Everjoy Health Group, you can compare the effects of market volatilities on Bank of Suzhou 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 Bank of Suzhou with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Suzhou and Everjoy Health.
Diversification Opportunities for Bank of Suzhou and Everjoy Health
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bank and Everjoy is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Suzhou 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 Bank of Suzhou 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 Bank of Suzhou 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 Bank of Suzhou i.e., Bank of Suzhou and Everjoy Health go up and down completely randomly.
Pair Corralation between Bank of Suzhou and Everjoy Health
Assuming the 90 days trading horizon Bank of Suzhou is expected to generate 0.24 times more return on investment than Everjoy Health. However, Bank of Suzhou is 4.24 times less risky than Everjoy Health. It trades about 0.07 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.1 per unit of risk. If you would invest 794.00 in Bank of Suzhou on October 12, 2024 and sell it today you would earn a total of 12.00 from holding Bank of Suzhou or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Suzhou vs. Everjoy Health Group
Performance |
| Timeline |
| Bank of Suzhou |
| Everjoy Health Group |
Bank of Suzhou and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Suzhou and Everjoy Health
The main advantage of trading using opposite Bank of Suzhou and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Suzhou 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.| Bank of Suzhou vs. Qingdao Haier Biomedical | Bank of Suzhou vs. Nanjing Vishee Medical | Bank of Suzhou vs. Hainan Haiqi Transportation | Bank of Suzhou vs. Zhongzhu Medical Holdings |
| Everjoy Health vs. China World Trade | Everjoy Health vs. Bank of Suzhou | Everjoy Health vs. Shenwu Energy Saving | Everjoy Health vs. Bohai Leasing Co |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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