Correlation Between Sinomach Automobile and Easyhome New
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sinomach Automobile Co and Easyhome New Retail, you can compare the effects of market volatilities on Sinomach Automobile 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 Sinomach Automobile with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinomach Automobile and Easyhome New.
Diversification Opportunities for Sinomach Automobile and Easyhome New
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sinomach and Easyhome is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Sinomach Automobile Co 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 Sinomach Automobile 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 Sinomach Automobile Co 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 Sinomach Automobile i.e., Sinomach Automobile and Easyhome New go up and down completely randomly.
Pair Corralation between Sinomach Automobile and Easyhome New
Assuming the 90 days trading horizon Sinomach Automobile Co is expected to under-perform the Easyhome New. But the stock apears to be less risky and, when comparing its historical volatility, Sinomach Automobile Co is 1.11 times less risky than Easyhome New. The stock trades about -0.04 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 285.00 in Easyhome New Retail on August 29, 2024 and sell it today you would earn a total of 6.00 from holding Easyhome New Retail or generate 2.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinomach Automobile Co vs. Easyhome New Retail
Performance |
| Timeline |
| Sinomach Automobile |
| Easyhome New Retail |
Sinomach Automobile and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinomach Automobile and Easyhome New
The main advantage of trading using opposite Sinomach Automobile and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinomach Automobile 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.| Sinomach Automobile vs. Citic Guoan Wine | Sinomach Automobile vs. Milkyway Chemical Supply | Sinomach Automobile vs. Easyhome New Retail | Sinomach Automobile vs. Sunny Loan Top |
| Easyhome New vs. Caihong Display Devices | Easyhome New vs. Shaanxi Construction Machinery | Easyhome New vs. Jiangsu Jinling Sports | Easyhome New vs. Huitong Construction Group |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |