Correlation Between Eyebright Medical and Shaanxi Broadcast
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By analyzing existing cross correlation between Eyebright Medical Technology and Shaanxi Broadcast TV, you can compare the effects of market volatilities on Eyebright Medical and Shaanxi Broadcast 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 Shaanxi Broadcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Shaanxi Broadcast.
Diversification Opportunities for Eyebright Medical and Shaanxi Broadcast
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eyebright and Shaanxi is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Shaanxi Broadcast TV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shaanxi Broadcast 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 Shaanxi Broadcast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shaanxi Broadcast has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Shaanxi Broadcast go up and down completely randomly.
Pair Corralation between Eyebright Medical and Shaanxi Broadcast
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to generate 1.17 times more return on investment than Shaanxi Broadcast. However, Eyebright Medical is 1.17 times more volatile than Shaanxi Broadcast TV. It trades about -0.03 of its potential returns per unit of risk. Shaanxi Broadcast TV is currently generating about -0.05 per unit of risk. If you would invest 22,949 in Eyebright Medical Technology on October 14, 2024 and sell it today you would lose (13,401) from holding Eyebright Medical Technology or give up 58.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. Shaanxi Broadcast TV
Performance |
| Timeline |
| Eyebright Medical |
| Shaanxi Broadcast |
Eyebright Medical and Shaanxi Broadcast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Shaanxi Broadcast
The main advantage of trading using opposite Eyebright Medical and Shaanxi Broadcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Shaanxi Broadcast 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 Shaanxi Broadcast will offset losses from the drop in Shaanxi Broadcast's long position.| Eyebright Medical vs. Bonree Data Technology | Eyebright Medical vs. Guangzhou KingTeller Technology | Eyebright Medical vs. Jinling Hotel Corp | Eyebright Medical vs. Hygon Information Technology |
| Shaanxi Broadcast vs. Hygon Information Technology | Shaanxi Broadcast vs. Keeson Technology Corp | Shaanxi Broadcast vs. Eyebright Medical Technology | Shaanxi Broadcast vs. Guangdong Xiongsu Technology |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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