Correlation Between YiDong Electronics and Hangzhou EZVIZ
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By analyzing existing cross correlation between YiDong Electronics Technology and Hangzhou EZVIZ Network, you can compare the effects of market volatilities on YiDong Electronics and Hangzhou EZVIZ 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 YiDong Electronics with a short position of Hangzhou EZVIZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Hangzhou EZVIZ.
Diversification Opportunities for YiDong Electronics and Hangzhou EZVIZ
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between YiDong and Hangzhou is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology and Hangzhou EZVIZ Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou EZVIZ Network and YiDong Electronics 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 YiDong Electronics Technology are associated (or correlated) with Hangzhou EZVIZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou EZVIZ Network has no effect on the direction of YiDong Electronics i.e., YiDong Electronics and Hangzhou EZVIZ go up and down completely randomly.
Pair Corralation between YiDong Electronics and Hangzhou EZVIZ
Assuming the 90 days trading horizon YiDong Electronics Technology is expected to generate 1.15 times more return on investment than Hangzhou EZVIZ. However, YiDong Electronics is 1.15 times more volatile than Hangzhou EZVIZ Network. It trades about 0.06 of its potential returns per unit of risk. Hangzhou EZVIZ Network is currently generating about -0.02 per unit of risk. If you would invest 1,801 in YiDong Electronics Technology on September 27, 2024 and sell it today you would earn a total of 366.00 from holding YiDong Electronics Technology or generate 20.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Hangzhou EZVIZ Network
Performance |
| Timeline |
| YiDong Electronics |
| Hangzhou EZVIZ Network |
YiDong Electronics and Hangzhou EZVIZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Hangzhou EZVIZ
The main advantage of trading using opposite YiDong Electronics and Hangzhou EZVIZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, Hangzhou EZVIZ 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 Hangzhou EZVIZ will offset losses from the drop in Hangzhou EZVIZ's long position.| YiDong Electronics vs. Industrial and Commercial | YiDong Electronics vs. China Construction Bank | YiDong Electronics vs. Agricultural Bank of | YiDong Electronics vs. Bank of China |
| Hangzhou EZVIZ vs. Hubeiyichang Transportation Group | Hangzhou EZVIZ vs. Hengli Petrochemical Co | Hangzhou EZVIZ vs. Sichuan Fulin Transportation | Hangzhou EZVIZ vs. RoadMain T Co |
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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