Correlation Between Ciwen Media and Southern PublishingMedia
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By analyzing existing cross correlation between Ciwen Media Co and Southern PublishingMedia Co, you can compare the effects of market volatilities on Ciwen Media and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Southern PublishingMedia.
Diversification Opportunities for Ciwen Media and Southern PublishingMedia
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ciwen and Southern is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Ciwen Media i.e., Ciwen Media and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Ciwen Media and Southern PublishingMedia
Assuming the 90 days trading horizon Ciwen Media is expected to generate 5.76 times less return on investment than Southern PublishingMedia. In addition to that, Ciwen Media is 1.0 times more volatile than Southern PublishingMedia Co. It trades about 0.01 of its total potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.05 per unit of volatility. If you would invest 811.00 in Southern PublishingMedia Co on October 16, 2024 and sell it today you would earn a total of 608.00 from holding Southern PublishingMedia Co or generate 74.97% 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. Southern PublishingMedia Co
Performance |
| Timeline |
| Ciwen Media |
| Southern PublishingMedia |
Ciwen Media and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Southern PublishingMedia
The main advantage of trading using opposite Ciwen Media and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Ciwen Media vs. Jiangxi Hengda Hi Tech | Ciwen Media vs. Guangdong Jingyi Metal | Ciwen Media vs. Runjian Communication Co | Ciwen Media vs. Anhui Jinhe Industrial |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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