Correlation Between Eyebright Medical and GRG Banking
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By analyzing existing cross correlation between Eyebright Medical Technology and GRG Banking Equipment, you can compare the effects of market volatilities on Eyebright Medical and GRG Banking 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 Eyebright Medical with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and GRG Banking.
Diversification Opportunities for Eyebright Medical and GRG Banking
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Eyebright and GRG is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Eyebright Medical 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 Eyebright Medical Technology are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and GRG Banking go up and down completely randomly.
Pair Corralation between Eyebright Medical and GRG Banking
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to generate 1.32 times more return on investment than GRG Banking. However, Eyebright Medical is 1.32 times more volatile than GRG Banking Equipment. It trades about 0.04 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about -0.46 per unit of risk. If you would invest 9,520 in Eyebright Medical Technology on October 11, 2024 and sell it today you would earn a total of 169.00 from holding Eyebright Medical Technology or generate 1.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. GRG Banking Equipment
Performance |
| Timeline |
| Eyebright Medical |
| GRG Banking Equipment |
Eyebright Medical and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and GRG Banking
The main advantage of trading using opposite Eyebright Medical and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Eyebright Medical vs. Guangzhou KingTeller Technology | Eyebright Medical vs. Holitech Technology Co | Eyebright Medical vs. Shanghai Ziyan Foods | Eyebright Medical vs. V V Food |
| GRG Banking vs. Zhejiang Yongjin Metal | GRG Banking vs. Shandong Hongchuang Aluminum | GRG Banking vs. Eyebright Medical Technology | GRG Banking vs. CITIC Metal Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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