Correlation Between Ye Chiu and Eyebright Medical
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By analyzing existing cross correlation between Ye Chiu Metal and Eyebright Medical Technology, you can compare the effects of market volatilities on Ye Chiu 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 Ye Chiu with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Eyebright Medical.
Diversification Opportunities for Ye Chiu and Eyebright Medical
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between 601388 and Eyebright is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical and Ye Chiu 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 Ye Chiu Metal 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 Ye Chiu i.e., Ye Chiu and Eyebright Medical go up and down completely randomly.
Pair Corralation between Ye Chiu and Eyebright Medical
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Eyebright Medical. But the stock apears to be less risky and, when comparing its historical volatility, Ye Chiu Metal is 1.02 times less risky than Eyebright Medical. The stock trades about -0.31 of its potential returns per unit of risk. The Eyebright Medical Technology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 9,520 in Eyebright Medical Technology on October 11, 2024 and sell it today you would earn a total of 343.00 from holding Eyebright Medical Technology or generate 3.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Eyebright Medical Technology
Performance |
| Timeline |
| Ye Chiu Metal |
| Eyebright Medical |
Ye Chiu and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Eyebright Medical
The main advantage of trading using opposite Ye Chiu and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu 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.| Ye Chiu vs. Jiangsu GDK Biotechnology | Ye Chiu vs. Liaoning Chengda Biotechnology | Ye Chiu vs. Xinjiang Baodi Mining | Ye Chiu vs. Lonkey Industrial Co |
| Eyebright Medical vs. Ye Chiu Metal | Eyebright Medical vs. China Aluminum International | Eyebright Medical vs. Cabio Biotech Wuhan | Eyebright Medical vs. Jinhui Liquor 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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