Correlation Between Jinlong Machinery and Easyhome New
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By analyzing existing cross correlation between Jinlong Machinery Electronic and Easyhome New Retail, you can compare the effects of market volatilities on Jinlong Machinery 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 Jinlong Machinery with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinlong Machinery and Easyhome New.
Diversification Opportunities for Jinlong Machinery and Easyhome New
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jinlong and Easyhome is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Jinlong Machinery Electronic 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 Jinlong Machinery 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 Jinlong Machinery Electronic 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 Jinlong Machinery i.e., Jinlong Machinery and Easyhome New go up and down completely randomly.
Pair Corralation between Jinlong Machinery and Easyhome New
Assuming the 90 days trading horizon Jinlong Machinery is expected to generate 1.12 times less return on investment than Easyhome New. In addition to that, Jinlong Machinery is 1.3 times more volatile than Easyhome New Retail. It trades about 0.06 of its total potential returns per unit of risk. Easyhome New Retail is currently generating about 0.09 per unit of volatility. If you would invest 250.00 in Easyhome New Retail on October 13, 2024 and sell it today you would earn a total of 113.00 from holding Easyhome New Retail or generate 45.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinlong Machinery Electronic vs. Easyhome New Retail
Performance |
| Timeline |
| Jinlong Machinery |
| Easyhome New Retail |
Jinlong Machinery and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinlong Machinery and Easyhome New
The main advantage of trading using opposite Jinlong Machinery and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinlong Machinery 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.| Jinlong Machinery vs. Anhui Transport Consulting | Jinlong Machinery vs. Heilongjiang Transport Development | Jinlong Machinery vs. Xiangpiaopiao Food Co | Jinlong Machinery vs. Xinjiang Tianrun Dairy |
| Easyhome New vs. Leyard Optoelectronic | Easyhome New vs. Ningbo Kangqiang Electronics | Easyhome New vs. Rising Nonferrous Metals | Easyhome New vs. Jinlong Machinery Electronic |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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