Correlation Between Loctek Ergonomic and Everjoy Health
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Everjoy Health Group, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Everjoy Health.
Diversification Opportunities for Loctek Ergonomic and Everjoy Health
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Loctek and Everjoy is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology 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 Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and Everjoy Health go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Everjoy Health
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 0.58 times more return on investment than Everjoy Health. However, Loctek Ergonomic Technology is 1.73 times less risky than Everjoy Health. It trades about 0.11 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.02 per unit of risk. If you would invest 1,505 in Loctek Ergonomic Technology on November 5, 2024 and sell it today you would earn a total of 57.00 from holding Loctek Ergonomic Technology or generate 3.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Everjoy Health Group
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| Everjoy Health Group |
Loctek Ergonomic and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Everjoy Health
The main advantage of trading using opposite Loctek Ergonomic and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Dr Peng Telecom | Loctek Ergonomic vs. Shenyang Chemical Industry | Loctek Ergonomic vs. Tianjin Hi Tech Development | Loctek Ergonomic vs. Liuzhou Chemical Industry |
| Everjoy Health vs. Kweichow Moutai Co | Everjoy Health vs. Beijing Roborock Technology | Everjoy Health vs. G bits Network Technology | Everjoy Health vs. China Mobile Limited |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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