Correlation Between Ciwen Media and Jahen Household
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By analyzing existing cross correlation between Ciwen Media Co and Jahen Household Products, you can compare the effects of market volatilities on Ciwen Media and Jahen Household 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 Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Jahen Household.
Diversification Opportunities for Ciwen Media and Jahen Household
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ciwen and Jahen is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products 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 Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Ciwen Media i.e., Ciwen Media and Jahen Household go up and down completely randomly.
Pair Corralation between Ciwen Media and Jahen Household
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 1.18 times more return on investment than Jahen Household. However, Ciwen Media is 1.18 times more volatile than Jahen Household Products. It trades about 0.01 of its potential returns per unit of risk. Jahen Household Products is currently generating about -0.02 per unit of risk. If you would invest 686.00 in Ciwen Media Co on October 16, 2024 and sell it today you would lose (94.00) from holding Ciwen Media Co or give up 13.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Jahen Household Products
Performance |
| Timeline |
| Ciwen Media |
| Jahen Household Products |
Ciwen Media and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Jahen Household
The main advantage of trading using opposite Ciwen Media and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Ciwen Media vs. Kweichow Moutai Co | Ciwen Media vs. Contemporary Amperex Technology | Ciwen Media vs. G bits Network Technology | Ciwen Media vs. Beijing Roborock Technology |
| Jahen Household vs. Sichuan Jinshi Technology | Jahen Household vs. Advanced Technology Materials | Jahen Household vs. Cangzhou Mingzhu Plastic | Jahen Household vs. Tongyu Communication |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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