Correlation Between Bank of China and Everjoy Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of China and Everjoy Health Group, you can compare the effects of market volatilities on Bank of China and Everjoy Health 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 Bank of China with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Everjoy Health.
Diversification Opportunities for Bank of China and Everjoy Health
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bank and Everjoy is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and Bank of China 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 Bank of China are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Bank of China i.e., Bank of China and Everjoy Health go up and down completely randomly.
Pair Corralation between Bank of China and Everjoy Health
Assuming the 90 days trading horizon Bank of China is expected to generate 0.31 times more return on investment than Everjoy Health. However, Bank of China is 3.25 times less risky than Everjoy Health. It trades about 0.11 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.02 per unit of risk. If you would invest 488.00 in Bank of China on August 29, 2024 and sell it today you would earn a total of 11.00 from holding Bank of China or generate 2.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Everjoy Health Group
Performance |
| Timeline |
| Bank of China |
| Everjoy Health Group |
Bank of China and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Everjoy Health
The main advantage of trading using opposite Bank of China and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Bank of China vs. Zhengzhou Qianweiyangchu Food | Bank of China vs. Guangdong Advertising Co | Bank of China vs. Linewell Software Co | Bank of China vs. Juewei Food Co |
| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. China Construction Bank |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |