Correlation Between Focus Media and Yingde Greatchem
Specify exactly 2 symbols:
By analyzing existing cross correlation between Focus Media Information and Yingde Greatchem Chemicals, you can compare the effects of market volatilities on Focus Media and Yingde Greatchem 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 Focus Media with a short position of Yingde Greatchem. Check out your portfolio center. Please also check ongoing floating volatility patterns of Focus Media and Yingde Greatchem.
Diversification Opportunities for Focus Media and Yingde Greatchem
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Focus and Yingde is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Focus Media Information and Yingde Greatchem Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yingde Greatchem Che and Focus 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 Focus Media Information are associated (or correlated) with Yingde Greatchem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yingde Greatchem Che has no effect on the direction of Focus Media i.e., Focus Media and Yingde Greatchem go up and down completely randomly.
Pair Corralation between Focus Media and Yingde Greatchem
Assuming the 90 days trading horizon Focus Media Information is expected to generate 0.64 times more return on investment than Yingde Greatchem. However, Focus Media Information is 1.56 times less risky than Yingde Greatchem. It trades about 0.03 of its potential returns per unit of risk. Yingde Greatchem Chemicals is currently generating about -0.02 per unit of risk. If you would invest 578.00 in Focus Media Information on September 3, 2024 and sell it today you would earn a total of 112.00 from holding Focus Media Information or generate 19.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 73.17% |
| Values | Daily Returns |
Focus Media Information vs. Yingde Greatchem Chemicals
Performance |
| Timeline |
| Focus Media Information |
| Yingde Greatchem Che |
Focus Media and Yingde Greatchem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Focus Media and Yingde Greatchem
The main advantage of trading using opposite Focus Media and Yingde Greatchem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Focus Media position performs unexpectedly, Yingde Greatchem 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 Yingde Greatchem will offset losses from the drop in Yingde Greatchem's long position.| Focus Media vs. Agricultural Bank of | Focus Media vs. China Construction Bank | Focus Media vs. Postal Savings Bank | Focus Media vs. Bank of Communications |
| Yingde Greatchem vs. Zijin Mining Group | Yingde Greatchem vs. Baoshan Iron Steel | Yingde Greatchem vs. Hoshine Silicon Ind |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |