Correlation Between Southern PublishingMedia and Easyhome New
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By analyzing existing cross correlation between Southern PublishingMedia Co and Easyhome New Retail, you can compare the effects of market volatilities on Southern PublishingMedia 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 Southern PublishingMedia with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern PublishingMedia and Easyhome New.
Diversification Opportunities for Southern PublishingMedia and Easyhome New
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Southern and Easyhome is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Southern PublishingMedia 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 Southern PublishingMedia 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 Southern PublishingMedia 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 Southern PublishingMedia i.e., Southern PublishingMedia and Easyhome New go up and down completely randomly.
Pair Corralation between Southern PublishingMedia and Easyhome New
Assuming the 90 days trading horizon Southern PublishingMedia Co is expected to generate 1.34 times more return on investment than Easyhome New. However, Southern PublishingMedia is 1.34 times more volatile than Easyhome New Retail. It trades about 0.01 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.0 per unit of risk. If you would invest 1,633 in Southern PublishingMedia Co on September 4, 2024 and sell it today you would lose (129.00) from holding Southern PublishingMedia Co or give up 7.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Southern PublishingMedia Co vs. Easyhome New Retail
Performance |
| Timeline |
| Southern PublishingMedia |
| Easyhome New Retail |
Southern PublishingMedia and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern PublishingMedia and Easyhome New
The main advantage of trading using opposite Southern PublishingMedia and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern PublishingMedia 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.| Southern PublishingMedia vs. Ming Yang Smart | Southern PublishingMedia vs. 159681 | Southern PublishingMedia vs. 159005 | Southern PublishingMedia vs. 516220 |
| Easyhome New vs. Southern PublishingMedia Co | Easyhome New vs. Zhejiang Publishing Media | Easyhome New vs. Guangzhou Dongfang Hotel | Easyhome New vs. Duzhe Publishing Media |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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