Correlation Between Ever Glory and Adamas One
Can any of the company-specific risk be diversified away by investing in both Ever Glory and Adamas One at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Ever Glory and Adamas One into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ever Glory International Group and Adamas One Corp, you can compare the effects of market volatilities on Ever Glory and Adamas One 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 Ever Glory with a short position of Adamas One. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ever Glory and Adamas One.
Diversification Opportunities for Ever Glory and Adamas One
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ever and Adamas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ever Glory International Group and Adamas One Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adamas One Corp and Ever Glory 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 Ever Glory International Group are associated (or correlated) with Adamas One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adamas One Corp has no effect on the direction of Ever Glory i.e., Ever Glory and Adamas One go up and down completely randomly.
Pair Corralation between Ever Glory and Adamas One
If you would invest (100.00) in Adamas One Corp on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Adamas One Corp or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ever Glory International Group vs. Adamas One Corp
Performance |
| Timeline |
| Ever Glory Internati |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Adamas One Corp |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Ever Glory and Adamas One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ever Glory and Adamas One
The main advantage of trading using opposite Ever Glory and Adamas One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ever Glory position performs unexpectedly, Adamas One 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 Adamas One will offset losses from the drop in Adamas One's long position.| Ever Glory vs. Aegon NV ADR | Ever Glory vs. Two Harbors Investments | Ever Glory vs. Fidus Investment Corp | Ever Glory vs. Western Asset Investment |
| Adamas One vs. Movado Group | Adamas One vs. MYT Netherlands Parent | Adamas One vs. Envela Corp | Adamas One vs. Tapestry |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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