Correlation Between Sinofibers Technology and Eyebright Medical
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By analyzing existing cross correlation between Sinofibers Technology Co and Eyebright Medical Technology, you can compare the effects of market volatilities on Sinofibers Technology 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 Sinofibers Technology with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Eyebright Medical.
Diversification Opportunities for Sinofibers Technology and Eyebright Medical
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sinofibers and Eyebright is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical and Sinofibers Technology 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 Sinofibers Technology Co 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 Sinofibers Technology i.e., Sinofibers Technology and Eyebright Medical go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Eyebright Medical
Assuming the 90 days trading horizon Sinofibers Technology Co is expected to generate 0.73 times more return on investment than Eyebright Medical. However, Sinofibers Technology Co is 1.37 times less risky than Eyebright Medical. It trades about 0.03 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 2,413 in Sinofibers Technology Co on October 12, 2024 and sell it today you would earn a total of 267.00 from holding Sinofibers Technology Co or generate 11.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Eyebright Medical Technology
Performance |
| Timeline |
| Sinofibers Technology |
| Eyebright Medical |
Sinofibers Technology and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Eyebright Medical
The main advantage of trading using opposite Sinofibers Technology and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology 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.| Sinofibers Technology vs. V V Food | Sinofibers Technology vs. Guangdong Silvere Sci | Sinofibers Technology vs. Qingdao Foods Co | Sinofibers Technology vs. New Hope Dairy |
| 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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