Correlation Between Wasu Media and MayAir Technology
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By analyzing existing cross correlation between Wasu Media Holding and MayAir Technology Co, you can compare the effects of market volatilities on Wasu Media and MayAir Technology 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wasu Media and MayAir Technology.
Diversification Opportunities for Wasu Media and MayAir Technology
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Wasu and MayAir is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Wasu Media Holding and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Wasu Media i.e., Wasu Media and MayAir Technology go up and down completely randomly.
Pair Corralation between Wasu Media and MayAir Technology
Assuming the 90 days trading horizon Wasu Media is expected to generate 2.12 times less return on investment than MayAir Technology. But when comparing it to its historical volatility, Wasu Media Holding is 1.27 times less risky than MayAir Technology. It trades about 0.01 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 3,232 in MayAir Technology Co on October 16, 2024 and sell it today you would lose (18.00) from holding MayAir Technology Co or give up 0.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wasu Media Holding vs. MayAir Technology Co
Performance |
| Timeline |
| Wasu Media Holding |
| MayAir Technology |
Wasu Media and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wasu Media and MayAir Technology
The main advantage of trading using opposite Wasu Media and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wasu Media position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Wasu Media vs. Industrial and Commercial | Wasu Media vs. Agricultural Bank of | Wasu Media vs. China Construction Bank | Wasu Media vs. Bank of China |
| MayAir Technology vs. Changchun Engley Automobile | MayAir Technology vs. Easyhome New Retail | MayAir Technology vs. Dynagreen Environmental Protection | MayAir Technology vs. Haima Automobile Group |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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