Correlation Between Shenyang Huitian and JiShi Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenyang Huitian Thermal and JiShi Media Co, you can compare the effects of market volatilities on Shenyang Huitian 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 Shenyang Huitian with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and JiShi Media.
Diversification Opportunities for Shenyang Huitian and JiShi Media
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenyang and JiShi is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Shenyang Huitian 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 Shenyang Huitian Thermal 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 Shenyang Huitian i.e., Shenyang Huitian and JiShi Media go up and down completely randomly.
Pair Corralation between Shenyang Huitian and JiShi Media
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 0.95 times more return on investment than JiShi Media. However, Shenyang Huitian Thermal is 1.06 times less risky than JiShi Media. It trades about -0.2 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.29 per unit of risk. If you would invest 401.00 in Shenyang Huitian Thermal on October 18, 2024 and sell it today you would lose (67.00) from holding Shenyang Huitian Thermal or give up 16.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. JiShi Media Co
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| JiShi Media |
Shenyang Huitian and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and JiShi Media
The main advantage of trading using opposite Shenyang Huitian and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian 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.| Shenyang Huitian vs. Maoming Petro Chemical Shihua | Shenyang Huitian vs. Jinsanjiang Silicon Material | Shenyang Huitian vs. HeBei Jinniu Chemical | Shenyang Huitian vs. Chongqing Sulian Plastic |
| JiShi Media vs. Guocheng Mining Co | JiShi Media vs. Chison Medical Technologies | JiShi Media vs. Shenyang Huitian Thermal | JiShi Media vs. Allgens Medical 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |