Correlation Between Ningbo MedicalSystem and Easyhome New
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and Easyhome New Retail, you can compare the effects of market volatilities on Ningbo MedicalSystem 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 Ningbo MedicalSystem with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and Easyhome New.
Diversification Opportunities for Ningbo MedicalSystem and Easyhome New
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ningbo and Easyhome is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno 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 Ningbo MedicalSystem 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 Ningbo MedicalSystem Biotechnology 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 Ningbo MedicalSystem i.e., Ningbo MedicalSystem and Easyhome New go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and Easyhome New
Assuming the 90 days trading horizon Ningbo MedicalSystem Biotechnology is expected to generate 1.06 times more return on investment than Easyhome New. However, Ningbo MedicalSystem is 1.06 times more volatile than Easyhome New Retail. It trades about 0.16 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.14 per unit of risk. If you would invest 1,082 in Ningbo MedicalSystem Biotechnology on September 4, 2024 and sell it today you would earn a total of 95.00 from holding Ningbo MedicalSystem Biotechnology or generate 8.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. Easyhome New Retail
Performance |
| Timeline |
| Ningbo MedicalSystem |
| Easyhome New Retail |
Ningbo MedicalSystem and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and Easyhome New
The main advantage of trading using opposite Ningbo MedicalSystem and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem 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.| Ningbo MedicalSystem vs. Kweichow Moutai Co | Ningbo MedicalSystem vs. Shenzhen Mindray Bio Medical | Ningbo MedicalSystem vs. Jiangsu Pacific Quartz | Ningbo MedicalSystem vs. G bits Network Technology |
| Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Zhejiang Publishing Media | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Duzhe Publishing Media |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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