Correlation Between AVIC Fund and Everjoy Health
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By analyzing existing cross correlation between AVIC Fund Management and Everjoy Health Group, you can compare the effects of market volatilities on AVIC Fund and Everjoy Health 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 AVIC Fund with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Everjoy Health.
Diversification Opportunities for AVIC Fund and Everjoy Health
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AVIC and Everjoy is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and AVIC Fund 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 AVIC Fund Management are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of AVIC Fund i.e., AVIC Fund and Everjoy Health go up and down completely randomly.
Pair Corralation between AVIC Fund and Everjoy Health
Assuming the 90 days trading horizon AVIC Fund Management is expected to generate 0.18 times more return on investment than Everjoy Health. However, AVIC Fund Management is 5.42 times less risky than Everjoy Health. It trades about 0.34 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.07 per unit of risk. If you would invest 1,049 in AVIC Fund Management on October 30, 2024 and sell it today you would earn a total of 50.00 from holding AVIC Fund Management or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Everjoy Health Group
Performance |
| Timeline |
| AVIC Fund Management |
| Everjoy Health Group |
AVIC Fund and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Everjoy Health
The main advantage of trading using opposite AVIC Fund and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| AVIC Fund vs. Industrial and Commercial | AVIC Fund vs. Kweichow Moutai Co | AVIC Fund vs. Agricultural Bank of | AVIC Fund vs. China Mobile Limited |
| Everjoy Health vs. Ming Yang Smart | Everjoy Health vs. 159681 | Everjoy Health vs. 159005 | Everjoy Health vs. Loctek Ergonomic Technology |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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