Correlation Between Jiangsu Xinri and Easyhome New
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Easyhome New Retail, you can compare the effects of market volatilities on Jiangsu Xinri 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 Jiangsu Xinri with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Easyhome New.
Diversification Opportunities for Jiangsu Xinri and Easyhome New
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Easyhome is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle 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 Jiangsu Xinri 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 Jiangsu Xinri E Vehicle 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 Jiangsu Xinri i.e., Jiangsu Xinri and Easyhome New go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Easyhome New
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the Easyhome New. In addition to that, Jiangsu Xinri is 1.0 times more volatile than Easyhome New Retail. It trades about -0.06 of its total potential returns per unit of risk. Easyhome New Retail is currently generating about 0.05 per unit of volatility. If you would invest 285.00 in Easyhome New Retail on August 29, 2024 and sell it today you would earn a total of 6.00 from holding Easyhome New Retail or generate 2.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Easyhome New Retail
Performance |
| Timeline |
| Jiangsu Xinri E |
| Easyhome New Retail |
Jiangsu Xinri and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Easyhome New
The main advantage of trading using opposite Jiangsu Xinri and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri 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.| Jiangsu Xinri vs. Shenzhen MYS Environmental | Jiangsu Xinri vs. AVIC Fund Management | Jiangsu Xinri vs. Shenzhen Bingchuan Network | Jiangsu Xinri vs. Penghua Shenzhen Energy |
| Easyhome New vs. Caihong Display Devices | Easyhome New vs. Shaanxi Construction Machinery | Easyhome New vs. Jiangsu Jinling Sports | Easyhome New vs. Huitong Construction Group |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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