Correlation Between Wasu Media and Jiangsu Leadmicro
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By analyzing existing cross correlation between Wasu Media Holding and Jiangsu Leadmicro Nano, you can compare the effects of market volatilities on Wasu Media and Jiangsu Leadmicro 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 Jiangsu Leadmicro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wasu Media and Jiangsu Leadmicro.
Diversification Opportunities for Wasu Media and Jiangsu Leadmicro
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Wasu and Jiangsu is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Wasu Media Holding and Jiangsu Leadmicro Nano in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Leadmicro Nano 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 Jiangsu Leadmicro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Leadmicro Nano has no effect on the direction of Wasu Media i.e., Wasu Media and Jiangsu Leadmicro go up and down completely randomly.
Pair Corralation between Wasu Media and Jiangsu Leadmicro
Assuming the 90 days trading horizon Wasu Media is expected to generate 1.62 times less return on investment than Jiangsu Leadmicro. In addition to that, Wasu Media is 1.43 times more volatile than Jiangsu Leadmicro Nano. It trades about 0.12 of its total potential returns per unit of risk. Jiangsu Leadmicro Nano is currently generating about 0.29 per unit of volatility. If you would invest 2,480 in Jiangsu Leadmicro Nano on December 4, 2024 and sell it today you would earn a total of 485.00 from holding Jiangsu Leadmicro Nano or generate 19.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Wasu Media Holding vs. Jiangsu Leadmicro Nano
Performance |
| Timeline |
| Wasu Media Holding |
| Jiangsu Leadmicro Nano |
Wasu Media and Jiangsu Leadmicro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wasu Media and Jiangsu Leadmicro
The main advantage of trading using opposite Wasu Media and Jiangsu Leadmicro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wasu Media position performs unexpectedly, Jiangsu Leadmicro 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 Jiangsu Leadmicro will offset losses from the drop in Jiangsu Leadmicro's long position.| Wasu Media vs. Eastern Communications Co | Wasu Media vs. Porton Fine Chemicals | Wasu Media vs. Runjian Communication Co | Wasu Media vs. Unisplendour Corp |
| Jiangsu Leadmicro vs. Peoples Insurance of | Jiangsu Leadmicro vs. Qilu Bank Co | Jiangsu Leadmicro vs. Bank of Suzhou | Jiangsu Leadmicro vs. Hua Xia Bank |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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