Correlation Between Eyebright Medical and XinJiang GuoTong
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By analyzing existing cross correlation between Eyebright Medical Technology and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Eyebright Medical and XinJiang GuoTong 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 Eyebright Medical with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and XinJiang GuoTong.
Diversification Opportunities for Eyebright Medical and XinJiang GuoTong
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Eyebright and XinJiang is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline and Eyebright Medical 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 Eyebright Medical Technology are associated (or correlated) with XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Eyebright Medical and XinJiang GuoTong
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the XinJiang GuoTong. In addition to that, Eyebright Medical is 1.13 times more volatile than XinJiang GuoTong Pipeline. It trades about -0.04 of its total potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about 0.01 per unit of volatility. If you would invest 1,096 in XinJiang GuoTong Pipeline on September 26, 2024 and sell it today you would lose (137.00) from holding XinJiang GuoTong Pipeline or give up 12.5% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Eyebright Medical Technology vs. XinJiang GuoTong Pipeline
Performance |
Timeline |
Eyebright Medical |
XinJiang GuoTong Pipeline |
Eyebright Medical and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Eyebright Medical and XinJiang GuoTong
The main advantage of trading using opposite Eyebright Medical and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.Eyebright Medical vs. Great Sun Foods Co | Eyebright Medical vs. SUNSEA Telecommunications Co | Eyebright Medical vs. Guangdong Shenglu Telecommunication | Eyebright Medical vs. Guangxi Wuzhou Communications |
XinJiang GuoTong vs. Jinhe Biotechnology Co | XinJiang GuoTong vs. Qijing Machinery | XinJiang GuoTong vs. Kuangda Technology Group | XinJiang GuoTong vs. Eyebright Medical Technology |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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