Correlation Between CareRay Digital and Easyhome New
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By analyzing existing cross correlation between CareRay Digital Medical and Easyhome New Retail, you can compare the effects of market volatilities on CareRay Digital and Easyhome New 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 CareRay Digital with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Easyhome New.
Diversification Opportunities for CareRay Digital and Easyhome New
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CareRay and Easyhome is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and CareRay Digital 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 CareRay Digital Medical are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of CareRay Digital i.e., CareRay Digital and Easyhome New go up and down completely randomly.
Pair Corralation between CareRay Digital and Easyhome New
Assuming the 90 days trading horizon CareRay Digital is expected to generate 31.41 times less return on investment than Easyhome New. But when comparing it to its historical volatility, CareRay Digital Medical is 1.65 times less risky than Easyhome New. It trades about 0.02 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 298.00 in Easyhome New Retail on September 13, 2024 and sell it today you would earn a total of 94.00 from holding Easyhome New Retail or generate 31.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Easyhome New Retail
Performance |
| Timeline |
| CareRay Digital Medical |
| Easyhome New Retail |
CareRay Digital and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Easyhome New
The main advantage of trading using opposite CareRay Digital and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.| CareRay Digital vs. Industrial and Commercial | CareRay Digital vs. Kweichow Moutai Co | CareRay Digital vs. Agricultural Bank of | CareRay Digital vs. China Mobile Limited |
| Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New vs. Loctek Ergonomic 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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