Correlation Between Eyebright Medical and CITIC Metal
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eyebright Medical Technology and CITIC Metal Co, you can compare the effects of market volatilities on Eyebright Medical and CITIC Metal 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 CITIC Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and CITIC Metal.
Diversification Opportunities for Eyebright Medical and CITIC Metal
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Eyebright and CITIC is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and CITIC Metal Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Metal 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 CITIC Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Metal has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and CITIC Metal go up and down completely randomly.
Pair Corralation between Eyebright Medical and CITIC Metal
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the CITIC Metal. In addition to that, Eyebright Medical is 1.36 times more volatile than CITIC Metal Co. It trades about -0.03 of its total potential returns per unit of risk. CITIC Metal Co is currently generating about -0.02 per unit of volatility. If you would invest 1,082 in CITIC Metal Co on October 19, 2024 and sell it today you would lose (353.00) from holding CITIC Metal Co or give up 32.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 89.83% |
| Values | Daily Returns |
Eyebright Medical Technology vs. CITIC Metal Co
Performance |
| Timeline |
| Eyebright Medical |
| CITIC Metal |
Eyebright Medical and CITIC Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and CITIC Metal
The main advantage of trading using opposite Eyebright Medical and CITIC Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, CITIC Metal 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 CITIC Metal will offset losses from the drop in CITIC Metal's long position.| Eyebright Medical vs. Western Metal Materials | Eyebright Medical vs. Lonkey Industrial Co | Eyebright Medical vs. APT Medical | Eyebright Medical vs. Guangzhou Haozhi Industrial |
| CITIC Metal vs. Cangzhou Mingzhu Plastic | CITIC Metal vs. Shanghai Phichem Material | CITIC Metal vs. Allmed Medical Products | CITIC Metal vs. Eyebright Medical 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |