Correlation Between Yingde Greatchem and Easyhome New
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By analyzing existing cross correlation between Yingde Greatchem Chemicals and Easyhome New Retail, you can compare the effects of market volatilities on Yingde Greatchem 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 Yingde Greatchem with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yingde Greatchem and Easyhome New.
Diversification Opportunities for Yingde Greatchem and Easyhome New
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yingde and Easyhome is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Yingde Greatchem Chemicals 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 Yingde Greatchem 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 Yingde Greatchem Chemicals 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 Yingde Greatchem i.e., Yingde Greatchem and Easyhome New go up and down completely randomly.
Pair Corralation between Yingde Greatchem and Easyhome New
Assuming the 90 days trading horizon Yingde Greatchem Chemicals is expected to generate 0.45 times more return on investment than Easyhome New. However, Yingde Greatchem Chemicals is 2.21 times less risky than Easyhome New. It trades about -0.07 of its potential returns per unit of risk. Easyhome New Retail is currently generating about -0.06 per unit of risk. If you would invest 2,353 in Yingde Greatchem Chemicals on October 25, 2024 and sell it today you would lose (83.00) from holding Yingde Greatchem Chemicals or give up 3.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yingde Greatchem Chemicals vs. Easyhome New Retail
Performance |
| Timeline |
| Yingde Greatchem Che |
| Easyhome New Retail |
Yingde Greatchem and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yingde Greatchem and Easyhome New
The main advantage of trading using opposite Yingde Greatchem and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yingde Greatchem 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.| Yingde Greatchem vs. Zijin Mining Group | Yingde Greatchem vs. Wanhua Chemical Group | Yingde Greatchem vs. Baoshan Iron Steel | Yingde Greatchem vs. Rongsheng Petrochemical Co |
| Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. Gansu Jiu Steel | Easyhome New vs. Ming Yang Smart | Easyhome New vs. Aba Chemicals Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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