Correlation Between GreenTech Environmental and Easyhome New
Specify exactly 2 symbols:
By analyzing existing cross correlation between GreenTech Environmental Co and Easyhome New Retail, you can compare the effects of market volatilities on GreenTech Environmental 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 GreenTech Environmental with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of GreenTech Environmental and Easyhome New.
Diversification Opportunities for GreenTech Environmental and Easyhome New
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between GreenTech and Easyhome is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding GreenTech Environmental Co 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 GreenTech Environmental 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 GreenTech Environmental Co 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 GreenTech Environmental i.e., GreenTech Environmental and Easyhome New go up and down completely randomly.
Pair Corralation between GreenTech Environmental and Easyhome New
Assuming the 90 days trading horizon GreenTech Environmental Co is expected to generate 0.41 times more return on investment than Easyhome New. However, GreenTech Environmental Co is 2.41 times less risky than Easyhome New. It trades about -0.09 of its potential returns per unit of risk. Easyhome New Retail is currently generating about -0.05 per unit of risk. If you would invest 1,427 in GreenTech Environmental Co on October 22, 2024 and sell it today you would lose (58.00) from holding GreenTech Environmental Co or give up 4.06% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
GreenTech Environmental Co vs. Easyhome New Retail
Performance |
Timeline |
GreenTech Environmental |
Easyhome New Retail |
GreenTech Environmental and Easyhome New Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GreenTech Environmental and Easyhome New
The main advantage of trading using opposite GreenTech Environmental and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GreenTech Environmental 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.The idea behind GreenTech Environmental Co and Easyhome New Retail pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Easyhome New vs. Oppein Home Group | Easyhome New vs. Vohringer Home Technology | Easyhome New vs. Digiwin Software Co | Easyhome New vs. Beijing Baolande Software |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |