Correlation Between Eyebright Medical and Jiangsu Seagull
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By analyzing existing cross correlation between Eyebright Medical Technology and Jiangsu Seagull Cooling, you can compare the effects of market volatilities on Eyebright Medical and Jiangsu Seagull 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 Jiangsu Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Jiangsu Seagull.
Diversification Opportunities for Eyebright Medical and Jiangsu Seagull
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Eyebright and Jiangsu is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Jiangsu Seagull Cooling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Seagull Cooling 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 Jiangsu Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Seagull Cooling has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Jiangsu Seagull go up and down completely randomly.
Pair Corralation between Eyebright Medical and Jiangsu Seagull
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the Jiangsu Seagull. But the stock apears to be less risky and, when comparing its historical volatility, Eyebright Medical Technology is 1.13 times less risky than Jiangsu Seagull. The stock trades about -0.03 of its potential returns per unit of risk. The Jiangsu Seagull Cooling is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,050 in Jiangsu Seagull Cooling on November 4, 2024 and sell it today you would earn a total of 100.00 from holding Jiangsu Seagull Cooling or generate 9.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. Jiangsu Seagull Cooling
Performance |
| Timeline |
| Eyebright Medical |
| Jiangsu Seagull Cooling |
Eyebright Medical and Jiangsu Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Jiangsu Seagull
The main advantage of trading using opposite Eyebright Medical and Jiangsu Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Jiangsu Seagull 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 Jiangsu Seagull will offset losses from the drop in Jiangsu Seagull's long position.| Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. China Construction Bank | Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. Bank of China |
| Jiangsu Seagull vs. China Satellite Communications | Jiangsu Seagull vs. Beijing Bewinner Communications | Jiangsu Seagull vs. Servyou Software Group | Jiangsu Seagull vs. Guangzhou Haige Communications |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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