Correlation Between Ciwen Media and Malion New
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By analyzing existing cross correlation between Ciwen Media Co and Malion New Materials, you can compare the effects of market volatilities on Ciwen Media and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Malion New.
Diversification Opportunities for Ciwen Media and Malion New
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ciwen and Malion is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Ciwen Media i.e., Ciwen Media and Malion New go up and down completely randomly.
Pair Corralation between Ciwen Media and Malion New
Assuming the 90 days trading horizon Ciwen Media is expected to generate 1.24 times less return on investment than Malion New. But when comparing it to its historical volatility, Ciwen Media Co is 1.02 times less risky than Malion New. It trades about 0.07 of its potential returns per unit of risk. Malion New Materials is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 771.00 in Malion New Materials on August 25, 2024 and sell it today you would earn a total of 49.00 from holding Malion New Materials or generate 6.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Malion New Materials
Performance |
| Timeline |
| Ciwen Media |
| Malion New Materials |
Ciwen Media and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Malion New
The main advantage of trading using opposite Ciwen Media and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Ciwen Media vs. Industrial and Commercial | Ciwen Media vs. Agricultural Bank of | Ciwen Media vs. China Construction Bank | Ciwen Media vs. Bank of China |
| Malion New vs. Sunny Loan Top | Malion New vs. Hunan Investment Group | Malion New vs. Tieling Newcity Investment | Malion New vs. Harbin Hatou Investment |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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