Correlation Between Beijing Sanyuan and Everjoy Health
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By analyzing existing cross correlation between Beijing Sanyuan Foods and Everjoy Health Group, you can compare the effects of market volatilities on Beijing Sanyuan 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 Beijing Sanyuan with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Sanyuan and Everjoy Health.
Diversification Opportunities for Beijing Sanyuan and Everjoy Health
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Everjoy is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Sanyuan Foods 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 Beijing Sanyuan 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 Sanyuan Foods 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 Beijing Sanyuan i.e., Beijing Sanyuan and Everjoy Health go up and down completely randomly.
Pair Corralation between Beijing Sanyuan and Everjoy Health
Assuming the 90 days trading horizon Beijing Sanyuan Foods is expected to generate 0.6 times more return on investment than Everjoy Health. However, Beijing Sanyuan Foods is 1.67 times less risky than Everjoy Health. It trades about -0.02 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 489.00 in Beijing Sanyuan Foods on October 13, 2024 and sell it today you would lose (94.00) from holding Beijing Sanyuan Foods or give up 19.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Sanyuan Foods vs. Everjoy Health Group
Performance |
| Timeline |
| Beijing Sanyuan Foods |
| Everjoy Health Group |
Beijing Sanyuan and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Sanyuan and Everjoy Health
The main advantage of trading using opposite Beijing Sanyuan and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Sanyuan 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.| Beijing Sanyuan vs. China Satellite Communications | Beijing Sanyuan vs. Jiangsu GDK Biotechnology | Beijing Sanyuan vs. Anhui Huaheng Biotechnology | Beijing Sanyuan vs. Dr Peng Telecom |
| Everjoy Health vs. Qingdao Foods Co | Everjoy Health vs. Jiahe Foods Industry | Everjoy Health vs. Beijing Sanyuan Foods | Everjoy Health vs. Ligao Foods CoLtd |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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