Correlation Between INKON Life and Eyebright Medical
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By analyzing existing cross correlation between INKON Life Technology and Eyebright Medical Technology, you can compare the effects of market volatilities on INKON Life and Eyebright Medical 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 INKON Life with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Eyebright Medical.
Diversification Opportunities for INKON Life and Eyebright Medical
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between INKON and Eyebright is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical and INKON Life 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 INKON Life Technology are associated (or correlated) with Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of INKON Life i.e., INKON Life and Eyebright Medical go up and down completely randomly.
Pair Corralation between INKON Life and Eyebright Medical
Assuming the 90 days trading horizon INKON Life Technology is expected to generate 0.72 times more return on investment than Eyebright Medical. However, INKON Life Technology is 1.38 times less risky than Eyebright Medical. It trades about 0.04 of its potential returns per unit of risk. Eyebright Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 763.00 in INKON Life Technology on October 12, 2024 and sell it today you would earn a total of 113.00 from holding INKON Life Technology or generate 14.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INKON Life Technology vs. Eyebright Medical Technology
Performance |
| Timeline |
| INKON Life Technology |
| Eyebright Medical |
INKON Life and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INKON Life and Eyebright Medical
The main advantage of trading using opposite INKON Life and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life position performs unexpectedly, Eyebright Medical 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| INKON Life vs. Guangzhou Jinyi Media | INKON Life vs. Lontium Semiconductor Corp | INKON Life vs. Shandong Longquan Pipeline | INKON Life vs. Southern PublishingMedia Co |
| Eyebright Medical vs. Guangzhou KingTeller Technology | Eyebright Medical vs. Holitech Technology Co | Eyebright Medical vs. Shanghai Ziyan Foods | Eyebright Medical vs. V V Food |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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