Correlation Between Success Electronics and Thinkingdom Media
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By analyzing existing cross correlation between Success Electronics and Thinkingdom Media Group, you can compare the effects of market volatilities on Success Electronics 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 Success Electronics with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Thinkingdom Media.
Diversification Opportunities for Success Electronics and Thinkingdom Media
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Success and Thinkingdom is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Success Electronics 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 Success Electronics 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 Success Electronics i.e., Success Electronics and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Success Electronics and Thinkingdom Media
Assuming the 90 days trading horizon Success Electronics is expected to under-perform the Thinkingdom Media. In addition to that, Success Electronics is 1.11 times more volatile than Thinkingdom Media Group. It trades about -0.03 of its total potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.02 per unit of volatility. If you would invest 1,937 in Thinkingdom Media Group on September 3, 2024 and sell it today you would earn a total of 299.00 from holding Thinkingdom Media Group or generate 15.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. Thinkingdom Media Group
Performance |
| Timeline |
| Success Electronics |
| Thinkingdom Media |
Success Electronics and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and Thinkingdom Media
The main advantage of trading using opposite Success Electronics and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics 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.| Success Electronics vs. Agricultural Bank of | Success Electronics vs. China Construction Bank | Success Electronics vs. Postal Savings Bank | Success Electronics vs. Bank of Communications |
| Thinkingdom Media vs. Gansu Jiu Steel | Thinkingdom Media vs. Ming Yang Smart | Thinkingdom Media vs. Aba Chemicals Corp | Thinkingdom Media vs. Loctek Ergonomic Technology |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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