Correlation Between Bohai Leasing and JiShi Media
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By analyzing existing cross correlation between Bohai Leasing Co and JiShi Media Co, you can compare the effects of market volatilities on Bohai Leasing 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 Bohai Leasing with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bohai Leasing and JiShi Media.
Diversification Opportunities for Bohai Leasing and JiShi Media
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bohai and JiShi is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Bohai Leasing Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Bohai Leasing 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 Bohai Leasing Co 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 Bohai Leasing i.e., Bohai Leasing and JiShi Media go up and down completely randomly.
Pair Corralation between Bohai Leasing and JiShi Media
Assuming the 90 days trading horizon Bohai Leasing Co is expected to under-perform the JiShi Media. But the stock apears to be less risky and, when comparing its historical volatility, Bohai Leasing Co is 1.6 times less risky than JiShi Media. The stock trades about -0.23 of its potential returns per unit of risk. The JiShi Media Co is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 187.00 in JiShi Media Co on October 30, 2024 and sell it today you would lose (18.00) from holding JiShi Media Co or give up 9.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bohai Leasing Co vs. JiShi Media Co
Performance |
| Timeline |
| Bohai Leasing |
| JiShi Media |
Bohai Leasing and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bohai Leasing and JiShi Media
The main advantage of trading using opposite Bohai Leasing and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bohai Leasing 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.| Bohai Leasing vs. Postal Savings Bank | Bohai Leasing vs. Guosheng Financial Holding | Bohai Leasing vs. Advanced Technology Materials | Bohai Leasing vs. GRIPM Advanced Materials |
| JiShi Media vs. Nanjing Putian Telecommunications | JiShi Media vs. Anhui Jianghuai Automobile | JiShi Media vs. Runjian Communication Co | JiShi Media vs. Xiangyang Automobile Bearing |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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