Correlation Between Shandong Homey and Easyhome New
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By analyzing existing cross correlation between Shandong Homey Aquatic and Easyhome New Retail, you can compare the effects of market volatilities on Shandong Homey 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 Shandong Homey with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Homey and Easyhome New.
Diversification Opportunities for Shandong Homey and Easyhome New
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shandong and Easyhome is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Homey Aquatic 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 Shandong Homey 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 Shandong Homey Aquatic 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 Shandong Homey i.e., Shandong Homey and Easyhome New go up and down completely randomly.
Pair Corralation between Shandong Homey and Easyhome New
Assuming the 90 days trading horizon Shandong Homey is expected to generate 1.13 times less return on investment than Easyhome New. In addition to that, Shandong Homey is 1.05 times more volatile than Easyhome New Retail. It trades about 0.02 of its total potential returns per unit of risk. Easyhome New Retail is currently generating about 0.03 per unit of volatility. If you would invest 364.00 in Easyhome New Retail on September 13, 2024 and sell it today you would earn a total of 67.00 from holding Easyhome New Retail or generate 18.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Homey Aquatic vs. Easyhome New Retail
Performance |
| Timeline |
| Shandong Homey Aquatic |
| Easyhome New Retail |
Shandong Homey and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Homey and Easyhome New
The main advantage of trading using opposite Shandong Homey and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Homey 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.| Shandong Homey vs. Zhongrun Resources Investment | Shandong Homey vs. Shenzhen Centralcon Investment | Shandong Homey vs. Shaanxi Energy Investment | Shandong Homey vs. Zhongtong Guomai Communication |
| Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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