Correlation Between Tianjin Realty and Everjoy Health
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By analyzing existing cross correlation between Tianjin Realty Development and Everjoy Health Group, you can compare the effects of market volatilities on Tianjin Realty 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 Tianjin Realty with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Realty and Everjoy Health.
Diversification Opportunities for Tianjin Realty and Everjoy Health
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tianjin and Everjoy is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Realty Development 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 Tianjin Realty 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 Tianjin Realty Development 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 Tianjin Realty i.e., Tianjin Realty and Everjoy Health go up and down completely randomly.
Pair Corralation between Tianjin Realty and Everjoy Health
Assuming the 90 days trading horizon Tianjin Realty Development is expected to generate 1.42 times more return on investment than Everjoy Health. However, Tianjin Realty is 1.42 times more volatile than Everjoy Health Group. It trades about 0.24 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.15 per unit of risk. If you would invest 124.00 in Tianjin Realty Development on August 28, 2024 and sell it today you would earn a total of 109.00 from holding Tianjin Realty Development or generate 87.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Realty Development vs. Everjoy Health Group
Performance |
| Timeline |
| Tianjin Realty Devel |
| Everjoy Health Group |
Tianjin Realty and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Realty and Everjoy Health
The main advantage of trading using opposite Tianjin Realty and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Realty 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.| Tianjin Realty vs. CICC Fund Management | Tianjin Realty vs. Advanced Technology Materials | Tianjin Realty vs. Kangxin New Materials | Tianjin Realty vs. Ningxia Building Materials |
| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. China Construction Bank |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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