Correlation Between Holitech Technology and JiShi Media
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By analyzing existing cross correlation between Holitech Technology Co and JiShi Media Co, you can compare the effects of market volatilities on Holitech Technology 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 Holitech Technology with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and JiShi Media.
Diversification Opportunities for Holitech Technology and JiShi Media
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and JiShi is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Holitech Technology 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 Holitech Technology Co 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 Holitech Technology i.e., Holitech Technology and JiShi Media go up and down completely randomly.
Pair Corralation between Holitech Technology and JiShi Media
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the JiShi Media. In addition to that, Holitech Technology is 1.15 times more volatile than JiShi Media Co. It trades about 0.0 of its total potential returns per unit of risk. JiShi Media Co is currently generating about 0.01 per unit of volatility. If you would invest 197.00 in JiShi Media Co on October 16, 2024 and sell it today you would lose (30.00) from holding JiShi Media Co or give up 15.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Holitech Technology Co vs. JiShi Media Co
Performance |
| Timeline |
| Holitech Technology |
| JiShi Media |
Holitech Technology and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and JiShi Media
The main advantage of trading using opposite Holitech Technology and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology 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.| Holitech Technology vs. Tongyu Communication | Holitech Technology vs. Xiangyang Automobile Bearing | Holitech Technology vs. Anhui Gujing Distillery | Holitech Technology vs. Wuhan Yangtze Communication |
| JiShi Media vs. Sichuan Yahua Industrial | JiShi Media vs. Gem Year Industrial Co | JiShi Media vs. Qingdao Choho Industrial | JiShi Media vs. Holitech Technology 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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