Correlation Between Ciwen Media and Zhejiang JIULI
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By analyzing existing cross correlation between Ciwen Media Co and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Ciwen Media and Zhejiang JIULI 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 JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Zhejiang JIULI.
Diversification Opportunities for Ciwen Media and Zhejiang JIULI
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ciwen and Zhejiang is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Ciwen Media i.e., Ciwen Media and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Ciwen Media and Zhejiang JIULI
Assuming the 90 days trading horizon Ciwen Media Co is expected to under-perform the Zhejiang JIULI. In addition to that, Ciwen Media is 2.47 times more volatile than Zhejiang JIULI Hi tech. It trades about -0.13 of its total potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.02 per unit of volatility. If you would invest 2,456 in Zhejiang JIULI Hi tech on October 30, 2024 and sell it today you would earn a total of 24.00 from holding Zhejiang JIULI Hi tech or generate 0.98% 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 JIULI Hi tech
Performance |
| Timeline |
| Ciwen Media |
| Zhejiang JIULI Hi |
Ciwen Media and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Zhejiang JIULI
The main advantage of trading using opposite Ciwen Media and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Zhejiang JIULI 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 JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Ciwen Media vs. Jiangsu Broadcasting Cable | Ciwen Media vs. Anhui Gujing Distillery | Ciwen Media vs. Sichuan Fulin Transportation | Ciwen Media vs. LianChuang Electronic Technology |
| Zhejiang JIULI vs. Beijing Mainstreets Investment | Zhejiang JIULI vs. Harvest Fund Management | Zhejiang JIULI vs. Zhongrun Resources Investment | Zhejiang JIULI vs. Innovative Medical Management |
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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