Correlation Between Eastroc Beverage and Beijing Roborock
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By analyzing existing cross correlation between Eastroc Beverage Group and Beijing Roborock Technology, you can compare the effects of market volatilities on Eastroc Beverage and Beijing Roborock 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 Eastroc Beverage with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Beijing Roborock.
Diversification Opportunities for Eastroc Beverage and Beijing Roborock
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Eastroc and Beijing is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Beijing Roborock go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Beijing Roborock
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 0.91 times more return on investment than Beijing Roborock. However, Eastroc Beverage Group is 1.1 times less risky than Beijing Roborock. It trades about 0.1 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.01 per unit of risk. If you would invest 21,736 in Eastroc Beverage Group on November 6, 2024 and sell it today you would earn a total of 2,579 from holding Eastroc Beverage Group or generate 11.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Beijing Roborock Technology
Performance |
| Timeline |
| Eastroc Beverage |
| Beijing Roborock Tec |
Eastroc Beverage and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Beijing Roborock
The main advantage of trading using opposite Eastroc Beverage and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Eastroc Beverage vs. Fiberhome Telecommunication Technologies | Eastroc Beverage vs. Linewell Software Co | Eastroc Beverage vs. Holitech Technology Co | Eastroc Beverage vs. Eyebright Medical Technology |
| Beijing Roborock vs. Yuanjie Semiconductor Technology | Beijing Roborock vs. Pengxin International Mining | Beijing Roborock vs. Ningbo Fujia Industrial | Beijing Roborock vs. Ingenic Semiconductor |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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