Correlation Between Xinjiang Baodi and Eyebright Medical
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Eyebright Medical Technology, you can compare the effects of market volatilities on Xinjiang Baodi and Eyebright Medical 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 Xinjiang Baodi with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Eyebright Medical.
Diversification Opportunities for Xinjiang Baodi and Eyebright Medical
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinjiang and Eyebright is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical and Xinjiang Baodi 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 Xinjiang Baodi Mining are associated (or correlated) with Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Eyebright Medical go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Eyebright Medical
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to under-perform the Eyebright Medical. In addition to that, Xinjiang Baodi is 1.41 times more volatile than Eyebright Medical Technology. It trades about -0.12 of its total potential returns per unit of risk. Eyebright Medical Technology is currently generating about 0.22 per unit of volatility. If you would invest 8,909 in Eyebright Medical Technology on October 20, 2024 and sell it today you would earn a total of 964.00 from holding Eyebright Medical Technology or generate 10.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Eyebright Medical Technology
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Eyebright Medical |
Xinjiang Baodi and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Eyebright Medical
The main advantage of trading using opposite Xinjiang Baodi and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Eyebright Medical 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| Xinjiang Baodi vs. Eyebright Medical Technology | Xinjiang Baodi vs. Anhui Transport Consulting | Xinjiang Baodi vs. Cowealth Medical China | Xinjiang Baodi vs. Hainan Haiqi Transportation |
| Eyebright Medical vs. China Mobile Limited | Eyebright Medical vs. Maccura Biotechnology Co | Eyebright Medical vs. Yili Chuanning Biotechnology | Eyebright Medical vs. Beijing Bewinner Communications |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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