Correlation Between Superior Uniform and Ever Glory
Can any of the company-specific risk be diversified away by investing in both Superior Uniform and Ever Glory 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 Superior Uniform and Ever Glory into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Superior Uniform Group and Ever Glory International Group, you can compare the effects of market volatilities on Superior Uniform and Ever Glory 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 Superior Uniform with a short position of Ever Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Superior Uniform and Ever Glory.
Diversification Opportunities for Superior Uniform and Ever Glory
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Superior and Ever is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Superior Uniform Group and Ever Glory International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ever Glory Internati and Superior Uniform 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 Superior Uniform Group are associated (or correlated) with Ever Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ever Glory Internati has no effect on the direction of Superior Uniform i.e., Superior Uniform and Ever Glory go up and down completely randomly.
Pair Corralation between Superior Uniform and Ever Glory
If you would invest 1,457 in Superior Uniform Group on August 24, 2024 and sell it today you would earn a total of 189.00 from holding Superior Uniform Group or generate 12.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Superior Uniform Group vs. Ever Glory International Group
Performance |
| Timeline |
| Superior Uniform |
| Ever Glory Internati |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Superior Uniform and Ever Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Superior Uniform and Ever Glory
The main advantage of trading using opposite Superior Uniform and Ever Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Superior Uniform position performs unexpectedly, Ever Glory 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 Ever Glory will offset losses from the drop in Ever Glory's long position.| Superior Uniform vs. Lakeland Industries | Superior Uniform vs. Jerash Holdings | Superior Uniform vs. G III Apparel Group | Superior Uniform vs. JX Luxventure Limited |
| Ever Glory vs. Vita Coco | Ever Glory vs. Kaiser Aluminum | Ever Glory vs. Oatly Group AB | Ever Glory vs. Monster Beverage Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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