Correlation Between Ciwen Media and Zhejiang Qianjiang
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By analyzing existing cross correlation between Ciwen Media Co and Zhejiang Qianjiang Motorcycle, you can compare the effects of market volatilities on Ciwen Media and Zhejiang Qianjiang 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 Ciwen Media with a short position of Zhejiang Qianjiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Zhejiang Qianjiang.
Diversification Opportunities for Ciwen Media and Zhejiang Qianjiang
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ciwen and Zhejiang is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Zhejiang Qianjiang Motorcycle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Qianjiang and Ciwen 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 Ciwen Media Co are associated (or correlated) with Zhejiang Qianjiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Qianjiang has no effect on the direction of Ciwen Media i.e., Ciwen Media and Zhejiang Qianjiang go up and down completely randomly.
Pair Corralation between Ciwen Media and Zhejiang Qianjiang
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 1.13 times more return on investment than Zhejiang Qianjiang. However, Ciwen Media is 1.13 times more volatile than Zhejiang Qianjiang Motorcycle. It trades about 0.02 of its potential returns per unit of risk. Zhejiang Qianjiang Motorcycle is currently generating about -0.16 per unit of risk. If you would invest 691.00 in Ciwen Media Co on January 23, 2025 and sell it today you would earn a total of 3.00 from holding Ciwen Media Co or generate 0.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Zhejiang Qianjiang Motorcycle
Performance |
| Timeline |
| Ciwen Media |
| Zhejiang Qianjiang |
Ciwen Media and Zhejiang Qianjiang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Zhejiang Qianjiang
The main advantage of trading using opposite Ciwen Media and Zhejiang Qianjiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Zhejiang Qianjiang 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 Zhejiang Qianjiang will offset losses from the drop in Zhejiang Qianjiang's long position.| Ciwen Media vs. China Eastern Airlines | Ciwen Media vs. Zhejiang Kingland Pipeline | Ciwen Media vs. Zhonghang Electronic Measuring | Ciwen Media vs. Bomesc Offshore Engineering |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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