Correlation Between Zhejiang Publishing and Easyhome New
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By analyzing existing cross correlation between Zhejiang Publishing Media and Easyhome New Retail, you can compare the effects of market volatilities on Zhejiang Publishing 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 Zhejiang Publishing with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Publishing and Easyhome New.
Diversification Opportunities for Zhejiang Publishing and Easyhome New
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zhejiang and Easyhome is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Publishing Media 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 Zhejiang Publishing 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 Zhejiang Publishing Media 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 Zhejiang Publishing i.e., Zhejiang Publishing and Easyhome New go up and down completely randomly.
Pair Corralation between Zhejiang Publishing and Easyhome New
Assuming the 90 days trading horizon Zhejiang Publishing Media is expected to generate 1.1 times more return on investment than Easyhome New. However, Zhejiang Publishing is 1.1 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 839.00 in Zhejiang Publishing Media on September 4, 2024 and sell it today you would lose (37.00) from holding Zhejiang Publishing Media or give up 4.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Publishing Media vs. Easyhome New Retail
Performance |
| Timeline |
| Zhejiang Publishing Media |
| Easyhome New Retail |
Zhejiang Publishing and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Publishing and Easyhome New
The main advantage of trading using opposite Zhejiang Publishing and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Publishing 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.| Zhejiang Publishing vs. Ming Yang Smart | Zhejiang Publishing vs. 159681 | Zhejiang Publishing vs. 159005 | Zhejiang Publishing vs. 516220 |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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