Correlation Between Huaibei Mining and Easyhome New
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By analyzing existing cross correlation between Huaibei Mining Holdings and Easyhome New Retail, you can compare the effects of market volatilities on Huaibei Mining 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 Huaibei Mining with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huaibei Mining and Easyhome New.
Diversification Opportunities for Huaibei Mining and Easyhome New
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Huaibei and Easyhome is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Huaibei Mining Holdings 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 Huaibei Mining 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 Huaibei Mining Holdings 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 Huaibei Mining i.e., Huaibei Mining and Easyhome New go up and down completely randomly.
Pair Corralation between Huaibei Mining and Easyhome New
Assuming the 90 days trading horizon Huaibei Mining Holdings is expected to under-perform the Easyhome New. But the stock apears to be less risky and, when comparing its historical volatility, Huaibei Mining Holdings is 4.63 times less risky than Easyhome New. The stock trades about -0.13 of its potential returns per unit of risk. The Easyhome New Retail is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 291.00 in Easyhome New Retail on September 27, 2024 and sell it today you would earn a total of 89.00 from holding Easyhome New Retail or generate 30.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huaibei Mining Holdings vs. Easyhome New Retail
Performance |
| Timeline |
| Huaibei Mining Holdings |
| Easyhome New Retail |
Huaibei Mining and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huaibei Mining and Easyhome New
The main advantage of trading using opposite Huaibei Mining and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huaibei Mining 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.| Huaibei Mining vs. Zijin Mining Group | Huaibei Mining vs. Baoshan Iron Steel | Huaibei Mining vs. Shandong Gold Mining | Huaibei Mining vs. Rongsheng Petrochemical Co |
| Easyhome New vs. Peoples Insurance of | Easyhome New vs. Shenzhen Glory Medical | Easyhome New vs. China Aluminum International | Easyhome New vs. Shanghai Jinfeng Wine |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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