Correlation Between Beijing Bashi and Easyhome New
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By analyzing existing cross correlation between Beijing Bashi Media and Easyhome New Retail, you can compare the effects of market volatilities on Beijing Bashi 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 Beijing Bashi with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bashi and Easyhome New.
Diversification Opportunities for Beijing Bashi and Easyhome New
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Easyhome is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bashi Media 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 Beijing Bashi 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 Beijing Bashi Media 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 Beijing Bashi i.e., Beijing Bashi and Easyhome New go up and down completely randomly.
Pair Corralation between Beijing Bashi and Easyhome New
Assuming the 90 days trading horizon Beijing Bashi Media is expected to generate 1.15 times more return on investment than Easyhome New. However, Beijing Bashi is 1.15 times more volatile than Easyhome New Retail. It trades about 0.02 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.02 per unit of risk. If you would invest 436.00 in Beijing Bashi Media on November 27, 2024 and sell it today you would earn a total of 61.00 from holding Beijing Bashi Media or generate 13.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bashi Media vs. Easyhome New Retail
Performance |
| Timeline |
| Beijing Bashi Media |
| Easyhome New Retail |
Beijing Bashi and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bashi and Easyhome New
The main advantage of trading using opposite Beijing Bashi and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bashi 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.| Beijing Bashi vs. China Sports Industry | Beijing Bashi vs. Ningxia Xiaoming Agriculture | Beijing Bashi vs. Xingguang Agricultural Mach | Beijing Bashi vs. Zhe Jiang Headman |
| Easyhome New vs. Jiahe Foods Industry | Easyhome New vs. Eastroc Beverage Group | Easyhome New vs. Shandong Huifa Foodstuff | Easyhome New vs. Queclink Wireless Solutions |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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