Correlation Between Eyebright Medical and Oppein Home
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By analyzing existing cross correlation between Eyebright Medical Technology and Oppein Home Group, you can compare the effects of market volatilities on Eyebright Medical and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Oppein Home.
Diversification Opportunities for Eyebright Medical and Oppein Home
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eyebright and Oppein is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Oppein Home go up and down completely randomly.
Pair Corralation between Eyebright Medical and Oppein Home
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to generate 0.98 times more return on investment than Oppein Home. However, Eyebright Medical Technology is 1.02 times less risky than Oppein Home. It trades about 0.05 of its potential returns per unit of risk. Oppein Home Group is currently generating about -0.14 per unit of risk. If you would invest 9,500 in Eyebright Medical Technology on October 10, 2024 and sell it today you would earn a total of 175.00 from holding Eyebright Medical Technology or generate 1.84% 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. Oppein Home Group
Performance |
| Timeline |
| Eyebright Medical |
| Oppein Home Group |
Eyebright Medical and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Oppein Home
The main advantage of trading using opposite Eyebright Medical and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| Eyebright Medical vs. Ye Chiu Metal | Eyebright Medical vs. China Aluminum International | Eyebright Medical vs. Cabio Biotech Wuhan | Eyebright Medical vs. Jinhui Liquor Co |
| Oppein Home vs. Gem Year Industrial Co | Oppein Home vs. Dongguan Tarry Electronics | Oppein Home vs. Leyard Optoelectronic | Oppein Home vs. Chengtun Mining Group |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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