Correlation Between Hubei Geoway and Easyhome New
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By analyzing existing cross correlation between Hubei Geoway Investment and Easyhome New Retail, you can compare the effects of market volatilities on Hubei Geoway and Easyhome New 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 Hubei Geoway with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Easyhome New.
Diversification Opportunities for Hubei Geoway and Easyhome New
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hubei and Easyhome is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and Hubei Geoway 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 Hubei Geoway Investment are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and Easyhome New go up and down completely randomly.
Pair Corralation between Hubei Geoway and Easyhome New
Assuming the 90 days trading horizon Hubei Geoway is expected to generate 4.33 times less return on investment than Easyhome New. But when comparing it to its historical volatility, Hubei Geoway Investment is 1.34 times less risky than Easyhome New. It trades about 0.04 of its potential returns per unit of risk. Easyhome New Retail is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 268.00 in Easyhome New Retail on October 24, 2024 and sell it today you would earn a total of 87.00 from holding Easyhome New Retail or generate 32.46% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.44% |
Values | Daily Returns |
Hubei Geoway Investment vs. Easyhome New Retail
Performance |
Timeline |
Hubei Geoway Investment |
Easyhome New Retail |
Hubei Geoway and Easyhome New Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hubei Geoway and Easyhome New
The main advantage of trading using opposite Hubei Geoway and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.Hubei Geoway vs. GRINM Semiconductor Materials | Hubei Geoway vs. Jiujiang Shanshui Technology | Hubei Geoway vs. Holitech Technology Co | Hubei Geoway vs. 360 Security 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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