Correlation Between Centre Testing and Easyhome New
Specify exactly 2 symbols:
By analyzing existing cross correlation between Centre Testing Intl and Easyhome New Retail, you can compare the effects of market volatilities on Centre Testing 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 Centre Testing with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Centre Testing and Easyhome New.
Diversification Opportunities for Centre Testing and Easyhome New
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Centre and Easyhome is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Centre Testing Intl 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 Centre Testing 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 Centre Testing Intl 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 Centre Testing i.e., Centre Testing and Easyhome New go up and down completely randomly.
Pair Corralation between Centre Testing and Easyhome New
Assuming the 90 days trading horizon Centre Testing Intl is expected to under-perform the Easyhome New. In addition to that, Centre Testing is 1.1 times more volatile than Easyhome New Retail. It trades about -0.03 of its total potential returns per unit of risk. Easyhome New Retail is currently generating about 0.01 per unit of volatility. If you would invest 368.00 in Easyhome New Retail on September 12, 2024 and sell it today you would lose (12.00) from holding Easyhome New Retail or give up 3.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Centre Testing Intl vs. Easyhome New Retail
Performance |
| Timeline |
| Centre Testing Intl |
| Easyhome New Retail |
Centre Testing and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Centre Testing and Easyhome New
The main advantage of trading using opposite Centre Testing and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Centre Testing 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.| Centre Testing vs. Easyhome New Retail | Centre Testing vs. Tongling Nonferrous Metals | Centre Testing vs. CITIC Metal Co | Centre Testing vs. Shanghai Shuixing Home |
| 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |