Correlation Between Imeik Technology and Goodwill E
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By analyzing existing cross correlation between Imeik Technology Development and Goodwill E Health, you can compare the effects of market volatilities on Imeik Technology and Goodwill E 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 Imeik Technology with a short position of Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imeik Technology and Goodwill E.
Diversification Opportunities for Imeik Technology and Goodwill E
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Imeik and Goodwill is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Imeik Technology Development and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E Health and Imeik 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 Imeik Technology Development are associated (or correlated) with Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of Imeik Technology i.e., Imeik Technology and Goodwill E go up and down completely randomly.
Pair Corralation between Imeik Technology and Goodwill E
Assuming the 90 days trading horizon Imeik Technology Development is expected to generate 0.85 times more return on investment than Goodwill E. However, Imeik Technology Development is 1.18 times less risky than Goodwill E. It trades about -0.33 of its potential returns per unit of risk. Goodwill E Health is currently generating about -0.34 per unit of risk. If you would invest 20,195 in Imeik Technology Development on October 24, 2024 and sell it today you would lose (2,892) from holding Imeik Technology Development or give up 14.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Imeik Technology Development vs. Goodwill E Health
Performance |
| Timeline |
| Imeik Technology Dev |
| Goodwill E Health |
Imeik Technology and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imeik Technology and Goodwill E
The main advantage of trading using opposite Imeik Technology and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imeik Technology position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| Imeik Technology vs. Shanghai Yanpu Metal | Imeik Technology vs. Tibet Huayu Mining | Imeik Technology vs. Huaxia Fund Management | Imeik Technology vs. Anhui Deli Household |
| Goodwill E vs. Jiangsu Xinri E Vehicle | Goodwill E vs. Ingenic Semiconductor | Goodwill E vs. Suzhou Oriental Semiconductor | Goodwill E vs. Puya Semiconductor Shanghai |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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