Correlation Between Easyhome New and Sino Platinum
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By analyzing existing cross correlation between Easyhome New Retail and Sino Platinum Metals Co, you can compare the effects of market volatilities on Easyhome New and Sino Platinum 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 Easyhome New with a short position of Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Sino Platinum.
Diversification Opportunities for Easyhome New and Sino Platinum
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easyhome and Sino is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals and Easyhome New 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 Easyhome New Retail are associated (or correlated) with Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Easyhome New i.e., Easyhome New and Sino Platinum go up and down completely randomly.
Pair Corralation between Easyhome New and Sino Platinum
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 3.33 times more return on investment than Sino Platinum. However, Easyhome New is 3.33 times more volatile than Sino Platinum Metals Co. It trades about 0.55 of its potential returns per unit of risk. Sino Platinum Metals Co is currently generating about -0.07 per unit of risk. If you would invest 280.00 in Easyhome New Retail on September 15, 2024 and sell it today you would earn a total of 194.00 from holding Easyhome New Retail or generate 69.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Easyhome New Retail vs. Sino Platinum Metals Co
Performance |
Timeline |
Easyhome New Retail |
Sino Platinum Metals |
Easyhome New and Sino Platinum Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Easyhome New and Sino Platinum
The main advantage of trading using opposite Easyhome New and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New vs. Loctek Ergonomic Technology |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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