Correlation Between Eyebright Medical and Anhui Gujing
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By analyzing existing cross correlation between Eyebright Medical Technology and Anhui Gujing Distillery, you can compare the effects of market volatilities on Eyebright Medical and Anhui Gujing 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 Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Anhui Gujing.
Diversification Opportunities for Eyebright Medical and Anhui Gujing
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Eyebright and Anhui is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery 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 Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Anhui Gujing go up and down completely randomly.
Pair Corralation between Eyebright Medical and Anhui Gujing
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the Anhui Gujing. In addition to that, Eyebright Medical is 1.99 times more volatile than Anhui Gujing Distillery. It trades about -0.01 of its total potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.01 per unit of volatility. If you would invest 12,629 in Anhui Gujing Distillery on October 16, 2024 and sell it today you would lose (1,430) from holding Anhui Gujing Distillery or give up 11.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Eyebright Medical |
| Anhui Gujing Distillery |
Eyebright Medical and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Anhui Gujing
The main advantage of trading using opposite Eyebright Medical and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Anhui Gujing 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 Gujing will offset losses from the drop in Anhui Gujing's long position.| Eyebright Medical vs. Jonjee Hi tech Industrial | Eyebright Medical vs. China Minmetals Rare | Eyebright Medical vs. Soochow Suzhou Industrial | Eyebright Medical vs. Shanghai Broadband Technology |
| Anhui Gujing vs. Eyebright Medical Technology | Anhui Gujing vs. ROPEOK Technology Group | Anhui Gujing vs. Zhejiang Qianjiang Motorcycle | Anhui Gujing vs. Soyea Technology 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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