Correlation Between Lizhan Environmental and Eshallgo
Can any of the company-specific risk be diversified away by investing in both Lizhan Environmental and Eshallgo 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 Lizhan Environmental and Eshallgo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lizhan Environmental and Eshallgo Class A, you can compare the effects of market volatilities on Lizhan Environmental and Eshallgo 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 Lizhan Environmental with a short position of Eshallgo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lizhan Environmental and Eshallgo.
Diversification Opportunities for Lizhan Environmental and Eshallgo
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lizhan and Eshallgo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Lizhan Environmental and Eshallgo Class A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eshallgo Class A and Lizhan Environmental 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 Lizhan Environmental are associated (or correlated) with Eshallgo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eshallgo Class A has no effect on the direction of Lizhan Environmental i.e., Lizhan Environmental and Eshallgo go up and down completely randomly.
Pair Corralation between Lizhan Environmental and Eshallgo
If you would invest 109.00 in Eshallgo Class A on December 8, 2024 and sell it today you would earn a total of 1.00 from holding Eshallgo Class A or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lizhan Environmental vs. Eshallgo Class A
Performance |
| Timeline |
| Lizhan Environmental |
| Eshallgo Class A |
Lizhan Environmental and Eshallgo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lizhan Environmental and Eshallgo
The main advantage of trading using opposite Lizhan Environmental and Eshallgo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lizhan Environmental position performs unexpectedly, Eshallgo 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 Eshallgo will offset losses from the drop in Eshallgo's long position.| Lizhan Environmental vs. Alto Ingredients | ||
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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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