Correlation Between Beijing Seeyon and Eyebright Medical
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By analyzing existing cross correlation between Beijing Seeyon Internet and Eyebright Medical Technology, you can compare the effects of market volatilities on Beijing Seeyon and Eyebright Medical 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 Beijing Seeyon with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Seeyon and Eyebright Medical.
Diversification Opportunities for Beijing Seeyon and Eyebright Medical
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Eyebright is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Seeyon Internet and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical and Beijing Seeyon 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 Beijing Seeyon Internet are associated (or correlated) with Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Beijing Seeyon i.e., Beijing Seeyon and Eyebright Medical go up and down completely randomly.
Pair Corralation between Beijing Seeyon and Eyebright Medical
Assuming the 90 days trading horizon Beijing Seeyon Internet is expected to generate 1.97 times more return on investment than Eyebright Medical. However, Beijing Seeyon is 1.97 times more volatile than Eyebright Medical Technology. It trades about 0.19 of its potential returns per unit of risk. Eyebright Medical Technology is currently generating about 0.1 per unit of risk. If you would invest 2,007 in Beijing Seeyon Internet on November 1, 2024 and sell it today you would earn a total of 357.00 from holding Beijing Seeyon Internet or generate 17.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Seeyon Internet vs. Eyebright Medical Technology
Performance |
| Timeline |
| Beijing Seeyon Internet |
| Eyebright Medical |
Beijing Seeyon and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Seeyon and Eyebright Medical
The main advantage of trading using opposite Beijing Seeyon and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Seeyon position performs unexpectedly, Eyebright Medical 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| Beijing Seeyon vs. Changchun Engley Automobile | Beijing Seeyon vs. Runjian Communication Co | Beijing Seeyon vs. Nanjing Putian Telecommunications | Beijing Seeyon vs. Beijing Bewinner Communications |
| Eyebright Medical vs. Xinjiang Baodi Mining | Eyebright Medical vs. Semiconductor Manufacturing Intl | Eyebright Medical vs. Chengtun Mining Group | Eyebright Medical vs. Yuanjie Semiconductor 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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