Correlation Between Shenzhen Clou and Inly Media
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By analyzing existing cross correlation between Shenzhen Clou Electronics and Inly Media Co, you can compare the effects of market volatilities on Shenzhen Clou and Inly 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 Shenzhen Clou with a short position of Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Clou and Inly Media.
Diversification Opportunities for Shenzhen Clou and Inly Media
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shenzhen and Inly is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Clou Electronics and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly Media and Shenzhen Clou 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 Shenzhen Clou Electronics are associated (or correlated) with Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Shenzhen Clou i.e., Shenzhen Clou and Inly Media go up and down completely randomly.
Pair Corralation between Shenzhen Clou and Inly Media
Assuming the 90 days trading horizon Shenzhen Clou Electronics is expected to under-perform the Inly Media. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Clou Electronics is 1.65 times less risky than Inly Media. The stock trades about -0.04 of its potential returns per unit of risk. The Inly Media Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 998.00 in Inly Media Co on November 27, 2024 and sell it today you would earn a total of 998.00 from holding Inly Media Co or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Clou Electronics vs. Inly Media Co
Performance |
| Timeline |
| Shenzhen Clou Electronics |
| Inly Media |
Shenzhen Clou and Inly Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Clou and Inly Media
The main advantage of trading using opposite Shenzhen Clou and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Clou position performs unexpectedly, Inly 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 Inly Media will offset losses from the drop in Inly Media's long position.| Shenzhen Clou vs. Zhejiang Publishing Media | Shenzhen Clou vs. Konfoong Materials International | Shenzhen Clou vs. King Strong New Material | Shenzhen Clou vs. Northern United Publishing |
| Inly Media vs. Cultural Investment Holdings | Inly Media vs. Huaxia Fund Management | Inly Media vs. Postal Savings Bank | Inly Media vs. Beijing Jiaman Dress |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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