Correlation Between Anhui Tongguan and Easyhome New
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By analyzing existing cross correlation between Anhui Tongguan Copper and Easyhome New Retail, you can compare the effects of market volatilities on Anhui Tongguan 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 Anhui Tongguan with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Tongguan and Easyhome New.
Diversification Opportunities for Anhui Tongguan and Easyhome New
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anhui and Easyhome is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Tongguan Copper 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 Anhui Tongguan 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 Anhui Tongguan Copper 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 Anhui Tongguan i.e., Anhui Tongguan and Easyhome New go up and down completely randomly.
Pair Corralation between Anhui Tongguan and Easyhome New
Assuming the 90 days trading horizon Anhui Tongguan Copper is expected to under-perform the Easyhome New. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Tongguan Copper is 1.33 times less risky than Easyhome New. The stock trades about -0.08 of its potential returns per unit of risk. The Easyhome New Retail is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 373.00 in Easyhome New Retail on October 29, 2024 and sell it today you would lose (25.00) from holding Easyhome New Retail or give up 6.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Tongguan Copper vs. Easyhome New Retail
Performance |
| Timeline |
| Anhui Tongguan Copper |
| Easyhome New Retail |
Anhui Tongguan and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Tongguan and Easyhome New
The main advantage of trading using opposite Anhui Tongguan and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Tongguan 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.| Anhui Tongguan vs. Cloud Live Technology | Anhui Tongguan vs. Nanjing Putian Telecommunications | Anhui Tongguan vs. Shenzhen Coship Electronics | Anhui Tongguan vs. Shenzhen Hifuture Electric |
| Easyhome New vs. Shandong Publishing Media | Easyhome New vs. Shenzhen Noposion Agrochemicals | Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Ningxia Younglight Chemicals |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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