Correlation Between Tsingtao Brewery and Easyhome New
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By analyzing existing cross correlation between Tsingtao Brewery Co and Easyhome New Retail, you can compare the effects of market volatilities on Tsingtao Brewery 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 Tsingtao Brewery with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and Easyhome New.
Diversification Opportunities for Tsingtao Brewery and Easyhome New
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tsingtao and Easyhome is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery 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 Tsingtao Brewery 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 Tsingtao Brewery 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 Tsingtao Brewery i.e., Tsingtao Brewery and Easyhome New go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and Easyhome New
Assuming the 90 days trading horizon Tsingtao Brewery is expected to generate 2.86 times less return on investment than Easyhome New. But when comparing it to its historical volatility, Tsingtao Brewery Co is 1.48 times less risky than Easyhome New. It trades about 0.03 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 273.00 in Easyhome New Retail on October 18, 2024 and sell it today you would earn a total of 81.00 from holding Easyhome New Retail or generate 29.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tsingtao Brewery Co vs. Easyhome New Retail
Performance |
| Timeline |
| Tsingtao Brewery |
| Easyhome New Retail |
Tsingtao Brewery and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and Easyhome New
The main advantage of trading using opposite Tsingtao Brewery and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery 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.| Tsingtao Brewery vs. Vohringer Home Technology | Tsingtao Brewery vs. China Eastern Airlines | Tsingtao Brewery vs. CSSC Offshore Marine | Tsingtao Brewery vs. Fiberhome Telecommunication Technologies |
| Easyhome New vs. Jilin Jlu Communication | Easyhome New vs. Queclink Wireless Solutions | Easyhome New vs. Fiberhome Telecommunication Technologies | Easyhome New vs. Dongfeng Automobile Co |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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