Correlation Between Eyebright Medical and Anhui Fuhuang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eyebright Medical Technology and Anhui Fuhuang Steel, you can compare the effects of market volatilities on Eyebright Medical and Anhui Fuhuang 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 Anhui Fuhuang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Anhui Fuhuang.
Diversification Opportunities for Eyebright Medical and Anhui Fuhuang
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eyebright and Anhui is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Anhui Fuhuang Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Fuhuang Steel 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 Anhui Fuhuang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Fuhuang Steel has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Anhui Fuhuang go up and down completely randomly.
Pair Corralation between Eyebright Medical and Anhui Fuhuang
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to generate 0.52 times more return on investment than Anhui Fuhuang. However, Eyebright Medical Technology is 1.92 times less risky than Anhui Fuhuang. It trades about 0.18 of its potential returns per unit of risk. Anhui Fuhuang Steel is currently generating about -0.19 per unit of risk. If you would invest 9,255 in Eyebright Medical Technology on October 29, 2024 and sell it today you would earn a total of 692.00 from holding Eyebright Medical Technology or generate 7.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. Anhui Fuhuang Steel
Performance |
| Timeline |
| Eyebright Medical |
| Anhui Fuhuang Steel |
Eyebright Medical and Anhui Fuhuang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Anhui Fuhuang
The main advantage of trading using opposite Eyebright Medical and Anhui Fuhuang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Anhui Fuhuang 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 Anhui Fuhuang will offset losses from the drop in Anhui Fuhuang's long position.| Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. Bank of China | Eyebright Medical vs. China Construction Bank |
| Anhui Fuhuang vs. Zijin Mining Group | Anhui Fuhuang vs. Wanhua Chemical Group | Anhui Fuhuang vs. Baoshan Iron Steel | Anhui Fuhuang vs. Shandong Gold Mining |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |