Correlation Between Eyebright Medical and SAIC
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By analyzing existing cross correlation between Eyebright Medical Technology and SAIC Motor Corp, you can compare the effects of market volatilities on Eyebright Medical and SAIC 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 SAIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and SAIC.
Diversification Opportunities for Eyebright Medical and SAIC
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eyebright and SAIC is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and SAIC Motor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAIC Motor Corp 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 SAIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAIC Motor Corp has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and SAIC go up and down completely randomly.
Pair Corralation between Eyebright Medical and SAIC
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the SAIC. In addition to that, Eyebright Medical is 1.68 times more volatile than SAIC Motor Corp. It trades about -0.03 of its total potential returns per unit of risk. SAIC Motor Corp is currently generating about 0.02 per unit of volatility. If you would invest 1,386 in SAIC Motor Corp on December 31, 2024 and sell it today you would earn a total of 158.00 from holding SAIC Motor Corp or generate 11.4% 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. SAIC Motor Corp
Performance |
| Timeline |
| Eyebright Medical |
| SAIC Motor Corp |
Eyebright Medical and SAIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and SAIC
The main advantage of trading using opposite Eyebright Medical and SAIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, SAIC 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 SAIC will offset losses from the drop in SAIC's long position.| Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. China Construction Bank | Eyebright Medical vs. Bank of China | Eyebright Medical vs. Agricultural Bank of |
| SAIC vs. Ningbo MedicalSystem Biotechnology | SAIC vs. Shenzhen Noposion Agrochemicals | SAIC vs. Shuhua Sports Co | SAIC vs. Shanghai Yaoji Playing |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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