Correlation Between Shantui Construction and Everjoy Health
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By analyzing existing cross correlation between Shantui Construction Machinery and Everjoy Health Group, you can compare the effects of market volatilities on Shantui Construction 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 Shantui Construction with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantui Construction and Everjoy Health.
Diversification Opportunities for Shantui Construction and Everjoy Health
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shantui and Everjoy is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Shantui Construction Machinery 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 Shantui Construction 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 Shantui Construction Machinery 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 Shantui Construction i.e., Shantui Construction and Everjoy Health go up and down completely randomly.
Pair Corralation between Shantui Construction and Everjoy Health
Assuming the 90 days trading horizon Shantui Construction Machinery is expected to generate 0.84 times more return on investment than Everjoy Health. However, Shantui Construction Machinery is 1.19 times less risky than Everjoy Health. It trades about 0.1 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.05 per unit of risk. If you would invest 833.00 in Shantui Construction Machinery on October 6, 2024 and sell it today you would earn a total of 152.00 from holding Shantui Construction Machinery or generate 18.25% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shantui Construction Machinery vs. Everjoy Health Group
Performance |
Timeline |
Shantui Construction |
Everjoy Health Group |
Shantui Construction and Everjoy Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shantui Construction and Everjoy Health
The main advantage of trading using opposite Shantui Construction and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantui Construction 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.Shantui Construction vs. Agricultural Bank of | Shantui Construction vs. Industrial and Commercial | Shantui Construction vs. Bank of China | Shantui Construction vs. PetroChina Co Ltd |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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