Correlation Between Gansu Huangtai and Thinkingdom Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gansu Huangtai Wine marketing and Thinkingdom Media Group, you can compare the effects of market volatilities on Gansu Huangtai 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 Gansu Huangtai with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Huangtai and Thinkingdom Media.
Diversification Opportunities for Gansu Huangtai and Thinkingdom Media
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Gansu and Thinkingdom is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Huangtai Wine marketing and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Gansu Huangtai 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 Gansu Huangtai Wine marketing 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 Gansu Huangtai i.e., Gansu Huangtai and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Gansu Huangtai and Thinkingdom Media
Assuming the 90 days trading horizon Gansu Huangtai Wine marketing is expected to generate 1.46 times more return on investment than Thinkingdom Media. However, Gansu Huangtai is 1.46 times more volatile than Thinkingdom Media Group. It trades about 0.05 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.02 per unit of risk. If you would invest 1,537 in Gansu Huangtai Wine marketing on October 28, 2024 and sell it today you would earn a total of 37.00 from holding Gansu Huangtai Wine marketing or generate 2.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Huangtai Wine marketing vs. Thinkingdom Media Group
Performance |
| Timeline |
| Gansu Huangtai Wine |
| Thinkingdom Media |
Gansu Huangtai and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Huangtai and Thinkingdom Media
The main advantage of trading using opposite Gansu Huangtai and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Huangtai 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.| Gansu Huangtai vs. Tangel Publishing | Gansu Huangtai vs. Heilongjiang Publishing Media | Gansu Huangtai vs. Youyou Foods Co | Gansu Huangtai vs. Xinhua Winshare Publishing |
| Thinkingdom Media vs. Shanghai Rongtai Health | Thinkingdom Media vs. Dezhan HealthCare Co | Thinkingdom Media vs. Eastern Air Logistics | Thinkingdom Media vs. Jinhui Liquor Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Transaction History View history of all your transactions and understand their impact on performance |