Correlation Between Eyebright Medical and Shanghai Shibei
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By analyzing existing cross correlation between Eyebright Medical Technology and Shanghai Shibei Hi Tech, you can compare the effects of market volatilities on Eyebright Medical and Shanghai Shibei 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 Shanghai Shibei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Shanghai Shibei.
Diversification Opportunities for Eyebright Medical and Shanghai Shibei
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eyebright and Shanghai is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Shanghai Shibei Hi Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Shibei Hi 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 Shanghai Shibei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Shibei Hi has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Shanghai Shibei go up and down completely randomly.
Pair Corralation between Eyebright Medical and Shanghai Shibei
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the Shanghai Shibei. In addition to that, Eyebright Medical is 1.39 times more volatile than Shanghai Shibei Hi Tech. It trades about -0.08 of its total potential returns per unit of risk. Shanghai Shibei Hi Tech is currently generating about 0.08 per unit of volatility. If you would invest 437.00 in Shanghai Shibei Hi Tech on November 6, 2024 and sell it today you would earn a total of 9.00 from holding Shanghai Shibei Hi Tech or generate 2.06% 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. Shanghai Shibei Hi Tech
Performance |
| Timeline |
| Eyebright Medical |
| Shanghai Shibei Hi |
Eyebright Medical and Shanghai Shibei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Shanghai Shibei
The main advantage of trading using opposite Eyebright Medical and Shanghai Shibei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Shanghai Shibei 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 Shanghai Shibei will offset losses from the drop in Shanghai Shibei's long position.| Eyebright Medical vs. Hunan TV Broadcast | Eyebright Medical vs. Dazhong Transportation Group | Eyebright Medical vs. Sanbo Hospital Management | Eyebright Medical vs. China Asset Management |
| Shanghai Shibei vs. Songz Automobile Air | Shanghai Shibei vs. Jiangsu Xinri E Vehicle | Shanghai Shibei vs. Ningbo Tip Rubber | Shanghai Shibei vs. Liaoning Xinde New |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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