Correlation Between China World and Everjoy Health
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By analyzing existing cross correlation between China World Trade and Everjoy Health Group, you can compare the effects of market volatilities on China World 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 China World with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of China World and Everjoy Health.
Diversification Opportunities for China World and Everjoy Health
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between China and Everjoy is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding China World Trade 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 China World 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 China World Trade 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 China World i.e., China World and Everjoy Health go up and down completely randomly.
Pair Corralation between China World and Everjoy Health
Assuming the 90 days trading horizon China World Trade is expected to generate 0.59 times more return on investment than Everjoy Health. However, China World Trade is 1.68 times less risky than Everjoy Health. It trades about 0.06 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.02 per unit of risk. If you would invest 1,580 in China World Trade on October 27, 2024 and sell it today you would earn a total of 848.00 from holding China World Trade or generate 53.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China World Trade vs. Everjoy Health Group
Performance |
| Timeline |
| China World Trade |
| Everjoy Health Group |
China World and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China World and Everjoy Health
The main advantage of trading using opposite China World and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China World 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.| China World vs. Eit Environmental Development | China World vs. Tongyu Communication | China World vs. Dr Peng Telecom | China World vs. Central Plains Environment |
| 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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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