Correlation Between Wasu Media and JiShi Media
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By analyzing existing cross correlation between Wasu Media Holding and JiShi Media Co, you can compare the effects of market volatilities on Wasu Media and JiShi Media 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 Wasu Media with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wasu Media and JiShi Media.
Diversification Opportunities for Wasu Media and JiShi Media
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Wasu and JiShi is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Wasu Media Holding and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Wasu Media 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 Wasu Media Holding are associated (or correlated) with JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of Wasu Media i.e., Wasu Media and JiShi Media go up and down completely randomly.
Pair Corralation between Wasu Media and JiShi Media
Assuming the 90 days trading horizon Wasu Media Holding is expected to generate 0.48 times more return on investment than JiShi Media. However, Wasu Media Holding is 2.09 times less risky than JiShi Media. It trades about -0.32 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.23 per unit of risk. If you would invest 797.00 in Wasu Media Holding on October 20, 2024 and sell it today you would lose (104.00) from holding Wasu Media Holding or give up 13.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wasu Media Holding vs. JiShi Media Co
Performance |
| Timeline |
| Wasu Media Holding |
| JiShi Media |
Wasu Media and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wasu Media and JiShi Media
The main advantage of trading using opposite Wasu Media and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wasu Media position performs unexpectedly, JiShi Media 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 JiShi Media will offset losses from the drop in JiShi Media's long position.| Wasu Media vs. China Sports Industry | Wasu Media vs. Jiangsu Jinling Sports | Wasu Media vs. Fujian Longzhou Transportation | Wasu Media vs. Lecron Energy Saving |
| JiShi Media vs. Shanghai Ziyan Foods | JiShi Media vs. Shantou Wanshun Package | JiShi Media vs. Guangdong Wens Foodstuff | JiShi Media vs. Xiamen Jihong Package |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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