Correlation Between Oriental Times and JiShi Media
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By analyzing existing cross correlation between Oriental Times Media and JiShi Media Co, you can compare the effects of market volatilities on Oriental Times 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 Oriental Times with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Times and JiShi Media.
Diversification Opportunities for Oriental Times and JiShi Media
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Oriental and JiShi is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Times Media and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Oriental Times 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 Oriental Times Media 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 Oriental Times i.e., Oriental Times and JiShi Media go up and down completely randomly.
Pair Corralation between Oriental Times and JiShi Media
Assuming the 90 days trading horizon Oriental Times Media is expected to generate 1.58 times more return on investment than JiShi Media. However, Oriental Times is 1.58 times more volatile than JiShi Media Co. It trades about 0.43 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.12 per unit of risk. If you would invest 253.00 in Oriental Times Media on August 29, 2024 and sell it today you would earn a total of 178.00 from holding Oriental Times Media or generate 70.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oriental Times Media vs. JiShi Media Co
Performance |
| Timeline |
| Oriental Times Media |
| JiShi Media |
Oriental Times and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Times and JiShi Media
The main advantage of trading using opposite Oriental Times and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Times 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.| Oriental Times vs. Industrial and Commercial | Oriental Times vs. China Construction Bank | Oriental Times vs. Agricultural Bank of | Oriental Times vs. Bank of China |
| JiShi Media vs. Sunwave Communications Co | JiShi Media vs. Zhangjiagang Freetrade Science | JiShi Media vs. China Nonferrous Metal | JiShi Media vs. Haima Automobile Group |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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