Correlation Between Nanjing Putian and Everjoy Health
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By analyzing existing cross correlation between Nanjing Putian Telecommunications and Everjoy Health Group, you can compare the effects of market volatilities on Nanjing Putian 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 Nanjing Putian with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and Everjoy Health.
Diversification Opportunities for Nanjing Putian and Everjoy Health
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Nanjing and Everjoy is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati 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 Nanjing Putian 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 Nanjing Putian Telecommunications 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 Nanjing Putian i.e., Nanjing Putian and Everjoy Health go up and down completely randomly.
Pair Corralation between Nanjing Putian and Everjoy Health
Assuming the 90 days trading horizon Nanjing Putian Telecommunications is expected to generate 1.34 times more return on investment than Everjoy Health. However, Nanjing Putian is 1.34 times more volatile than Everjoy Health Group. It trades about 0.23 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.08 per unit of risk. If you would invest 379.00 in Nanjing Putian Telecommunications on September 1, 2024 and sell it today you would earn a total of 81.00 from holding Nanjing Putian Telecommunications or generate 21.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. Everjoy Health Group
Performance |
| Timeline |
| Nanjing Putian Telec |
| Everjoy Health Group |
Nanjing Putian and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and Everjoy Health
The main advantage of trading using opposite Nanjing Putian and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian 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.| Nanjing Putian vs. Tieling Newcity Investment | Nanjing Putian vs. Yindu Kitchen Equipment | Nanjing Putian vs. Zhongrun Resources Investment | Nanjing Putian vs. Xiandai Investment Co |
| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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