Correlation Between Beijing Enlight and Everjoy Health
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By analyzing existing cross correlation between Beijing Enlight Media and Everjoy Health Group, you can compare the effects of market volatilities on Beijing Enlight 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 Beijing Enlight with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and Everjoy Health.
Diversification Opportunities for Beijing Enlight and Everjoy Health
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Everjoy is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media 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 Beijing Enlight 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 Beijing Enlight Media 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 Beijing Enlight i.e., Beijing Enlight and Everjoy Health go up and down completely randomly.
Pair Corralation between Beijing Enlight and Everjoy Health
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 0.89 times more return on investment than Everjoy Health. However, Beijing Enlight Media is 1.13 times less risky than Everjoy Health. It trades about 0.13 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 653.00 in Beijing Enlight Media on October 18, 2024 and sell it today you would earn a total of 237.00 from holding Beijing Enlight Media or generate 36.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. Everjoy Health Group
Performance |
| Timeline |
| Beijing Enlight Media |
| Everjoy Health Group |
Beijing Enlight and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and Everjoy Health
The main advantage of trading using opposite Beijing Enlight and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight 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.| Beijing Enlight vs. Guangxi Wuzhou Communications | Beijing Enlight vs. Iat Automobile Technology | Beijing Enlight vs. China Mobile Limited | Beijing Enlight vs. Dongfeng Automobile Co |
| Everjoy Health vs. Heilongjiang Publishing Media | Everjoy Health vs. Chengdu B ray Media | Everjoy Health vs. Beijing Enlight Media | Everjoy Health vs. Jiangsu Financial Leasing |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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