Correlation Between Xiangyu Medical and Everjoy Health
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By analyzing existing cross correlation between Xiangyu Medical Co and Everjoy Health Group, you can compare the effects of market volatilities on Xiangyu Medical and Everjoy Health 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 Xiangyu Medical with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Everjoy Health.
Diversification Opportunities for Xiangyu Medical and Everjoy Health
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xiangyu and Everjoy is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and Xiangyu 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 Xiangyu Medical Co are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Everjoy Health go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Everjoy Health
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the Everjoy Health. In addition to that, Xiangyu Medical is 1.23 times more volatile than Everjoy Health Group. It trades about -0.03 of its total potential returns per unit of risk. Everjoy Health Group is currently generating about 0.18 per unit of volatility. If you would invest 372.00 in Everjoy Health Group on September 12, 2024 and sell it today you would earn a total of 40.00 from holding Everjoy Health Group or generate 10.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Everjoy Health Group
Performance |
| Timeline |
| Xiangyu Medical |
| Everjoy Health Group |
Xiangyu Medical and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Everjoy Health
The main advantage of trading using opposite Xiangyu Medical and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Xiangyu Medical vs. Cultural Investment Holdings | Xiangyu Medical vs. Gome Telecom Equipment | Xiangyu Medical vs. Holitech Technology Co | Xiangyu Medical vs. Zotye Automobile Co |
| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. PetroChina Co Ltd |
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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