Correlation Between Ciwen Media and Jiangsu Yueda
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ciwen Media Co and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Ciwen Media and Jiangsu Yueda 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 Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Jiangsu Yueda.
Diversification Opportunities for Ciwen Media and Jiangsu Yueda
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ciwen and Jiangsu is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment 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 Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Ciwen Media i.e., Ciwen Media and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Ciwen Media and Jiangsu Yueda
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 3.35 times more return on investment than Jiangsu Yueda. However, Ciwen Media is 3.35 times more volatile than Jiangsu Yueda Investment. It trades about 0.52 of its potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.24 per unit of risk. If you would invest 624.00 in Ciwen Media Co on November 27, 2024 and sell it today you would earn a total of 237.00 from holding Ciwen Media Co or generate 37.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Ciwen Media |
| Jiangsu Yueda Investment |
Ciwen Media and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Jiangsu Yueda
The main advantage of trading using opposite Ciwen Media and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Ciwen Media vs. Nantong Haixing Electronics | Ciwen Media vs. Goke Microelectronics Co | Ciwen Media vs. Wuxi Dk Electronic | Ciwen Media vs. LianChuang Electronic Technology |
| Jiangsu Yueda vs. Ningbo MedicalSystem Biotechnology | Jiangsu Yueda vs. BTG Hotels Group | Jiangsu Yueda vs. Sichuan Hebang Biotechnology | Jiangsu Yueda vs. Guangzhou Dongfang Hotel |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |