Correlation Between Eyebright Medical and China Sports
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By analyzing existing cross correlation between Eyebright Medical Technology and China Sports Industry, you can compare the effects of market volatilities on Eyebright Medical and China Sports 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 China Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and China Sports.
Diversification Opportunities for Eyebright Medical and China Sports
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Eyebright and China is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and China Sports Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Sports Industry 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 China Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Sports Industry has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and China Sports go up and down completely randomly.
Pair Corralation between Eyebright Medical and China Sports
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the China Sports. In addition to that, Eyebright Medical is 1.56 times more volatile than China Sports Industry. It trades about -0.05 of its total potential returns per unit of risk. China Sports Industry is currently generating about 0.19 per unit of volatility. If you would invest 840.00 in China Sports Industry on September 14, 2024 and sell it today you would earn a total of 61.00 from holding China Sports Industry or generate 7.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. China Sports Industry
Performance |
| Timeline |
| Eyebright Medical |
| China Sports Industry |
Eyebright Medical and China Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and China Sports
The main advantage of trading using opposite Eyebright Medical and China Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, China Sports 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 China Sports will offset losses from the drop in China Sports' long position.| Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. Kweichow Moutai Co | Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. China Mobile Limited |
| China Sports vs. China Life Insurance | China Sports vs. Cinda Securities Co | China Sports vs. Piotech Inc A | China Sports vs. Dongxing Sec 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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