Correlation Between China Minmetals and Thinkingdom Media
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By analyzing existing cross correlation between China Minmetals Rare and Thinkingdom Media Group, you can compare the effects of market volatilities on China Minmetals and Thinkingdom 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 China Minmetals with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Minmetals and Thinkingdom Media.
Diversification Opportunities for China Minmetals and Thinkingdom Media
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Thinkingdom is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding China Minmetals Rare and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and China Minmetals 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 China Minmetals Rare are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of China Minmetals i.e., China Minmetals and Thinkingdom Media go up and down completely randomly.
Pair Corralation between China Minmetals and Thinkingdom Media
Assuming the 90 days trading horizon China Minmetals Rare is expected to generate 0.54 times more return on investment than Thinkingdom Media. However, China Minmetals Rare is 1.87 times less risky than Thinkingdom Media. It trades about 0.0 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about -0.01 per unit of risk. If you would invest 2,930 in China Minmetals Rare on October 18, 2024 and sell it today you would lose (7.00) from holding China Minmetals Rare or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Minmetals Rare vs. Thinkingdom Media Group
Performance |
| Timeline |
| China Minmetals Rare |
| Thinkingdom Media |
China Minmetals and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Minmetals and Thinkingdom Media
The main advantage of trading using opposite China Minmetals and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Minmetals position performs unexpectedly, Thinkingdom 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| China Minmetals vs. Zijin Mining Group | China Minmetals vs. Wanhua Chemical Group | China Minmetals vs. Baoshan Iron Steel | China Minmetals vs. Shandong Gold Mining |
| Thinkingdom Media vs. Nanjing Putian Telecommunications | Thinkingdom Media vs. China Minmetals Rare | Thinkingdom Media vs. Songz Automobile Air | Thinkingdom Media vs. Jonjee Hi tech Industrial |
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 CEOs Directory module to screen CEOs from public companies around the world.
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