Correlation Between Eyebright Medical and Epoxy Base
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By analyzing existing cross correlation between Eyebright Medical Technology and Epoxy Base Electronic, you can compare the effects of market volatilities on Eyebright Medical and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Epoxy Base.
Diversification Opportunities for Eyebright Medical and Epoxy Base
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eyebright and Epoxy is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Epoxy Base go up and down completely randomly.
Pair Corralation between Eyebright Medical and Epoxy Base
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to generate 0.62 times more return on investment than Epoxy Base. However, Eyebright Medical Technology is 1.62 times less risky than Epoxy Base. It trades about 0.18 of its potential returns per unit of risk. Epoxy Base Electronic is currently generating about 0.04 per unit of risk. If you would invest 9,061 in Eyebright Medical Technology on October 26, 2024 and sell it today you would earn a total of 721.00 from holding Eyebright Medical Technology or generate 7.96% 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. Epoxy Base Electronic
Performance |
| Timeline |
| Eyebright Medical |
| Epoxy Base Electronic |
Eyebright Medical and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Epoxy Base
The main advantage of trading using opposite Eyebright Medical and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base's long position.| Eyebright Medical vs. Will Semiconductor Co | Eyebright Medical vs. Yuanjie Semiconductor Technology | Eyebright Medical vs. Semiconductor Manufacturing Intl | Eyebright Medical vs. Unisplendour Corp |
| Epoxy Base vs. Eyebright Medical Technology | Epoxy Base vs. Jinyu Bio Technology Co | Epoxy Base vs. Hubei Forbon Technology | Epoxy Base vs. Uxi Unicomp 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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