Correlation Between Shantou Wanshun and Easyhome New
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By analyzing existing cross correlation between Shantou Wanshun Package and Easyhome New Retail, you can compare the effects of market volatilities on Shantou Wanshun 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 Shantou Wanshun with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantou Wanshun and Easyhome New.
Diversification Opportunities for Shantou Wanshun and Easyhome New
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shantou and Easyhome is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Shantou Wanshun Package 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 Shantou Wanshun 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 Shantou Wanshun Package 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 Shantou Wanshun i.e., Shantou Wanshun and Easyhome New go up and down completely randomly.
Pair Corralation between Shantou Wanshun and Easyhome New
Assuming the 90 days trading horizon Shantou Wanshun Package is expected to under-perform the Easyhome New. In addition to that, Shantou Wanshun is 1.48 times more volatile than Easyhome New Retail. It trades about -0.02 of its total potential returns per unit of risk. Easyhome New Retail is currently generating about -0.02 per unit of volatility. If you would invest 393.00 in Easyhome New Retail on August 27, 2024 and sell it today you would lose (109.00) from holding Easyhome New Retail or give up 27.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shantou Wanshun Package vs. Easyhome New Retail
Performance |
| Timeline |
| Shantou Wanshun Package |
| Easyhome New Retail |
Shantou Wanshun and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantou Wanshun and Easyhome New
The main advantage of trading using opposite Shantou Wanshun and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantou Wanshun 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.| Shantou Wanshun vs. Zijin Mining Group | Shantou Wanshun vs. Wanhua Chemical Group | Shantou Wanshun vs. Baoshan Iron Steel | Shantou Wanshun vs. Shandong Gold Mining |
| Easyhome New vs. China Petroleum Chemical | Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. China State Construction | Easyhome New vs. China Railway Group |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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