Correlation Between Haoxi Health and Everbright Digital
Can any of the company-specific risk be diversified away by investing in both Haoxi Health and Everbright Digital at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Haoxi Health and Everbright Digital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haoxi Health Technology and Everbright Digital Holding, you can compare the effects of market volatilities on Haoxi Health and Everbright Digital 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 Haoxi Health with a short position of Everbright Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxi Health and Everbright Digital.
Diversification Opportunities for Haoxi Health and Everbright Digital
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haoxi and Everbright is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Haoxi Health Technology and Everbright Digital Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everbright Digital and Haoxi Health 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 Haoxi Health Technology are associated (or correlated) with Everbright Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everbright Digital has no effect on the direction of Haoxi Health i.e., Haoxi Health and Everbright Digital go up and down completely randomly.
Pair Corralation between Haoxi Health and Everbright Digital
Considering the 90-day investment horizon Haoxi Health Technology is expected to under-perform the Everbright Digital. But the etf apears to be less risky and, when comparing its historical volatility, Haoxi Health Technology is 3.81 times less risky than Everbright Digital. The etf trades about -0.09 of its potential returns per unit of risk. The Everbright Digital Holding is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 49.00 in Everbright Digital Holding on August 16, 2025 and sell it today you would earn a total of 50.00 from holding Everbright Digital Holding or generate 102.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxi Health Technology vs. Everbright Digital Holding
Performance |
| Timeline |
| Haoxi Health Technology |
| Everbright Digital |
Haoxi Health and Everbright Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxi Health and Everbright Digital
The main advantage of trading using opposite Haoxi Health and Everbright Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxi Health position performs unexpectedly, Everbright Digital 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 Everbright Digital will offset losses from the drop in Everbright Digital's long position.| Haoxi Health vs. Harte Hanks | Haoxi Health vs. Scienjoy Holding Corp | Haoxi Health vs. Anghami De | Haoxi Health vs. Dreamland Limited Class |
| Everbright Digital vs. VS Media Holdings | Everbright Digital vs. Harte Hanks | Everbright Digital vs. Lee Enterprises Incorporated | Everbright Digital vs. Haoxi Health 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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