Correlation Between Ciwen Media and Yindu Kitchen
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By analyzing existing cross correlation between Ciwen Media Co and Yindu Kitchen Equipment, you can compare the effects of market volatilities on Ciwen Media and Yindu Kitchen 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 Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Yindu Kitchen.
Diversification Opportunities for Ciwen Media and Yindu Kitchen
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ciwen and Yindu is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment 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 Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of Ciwen Media i.e., Ciwen Media and Yindu Kitchen go up and down completely randomly.
Pair Corralation between Ciwen Media and Yindu Kitchen
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 2.48 times more return on investment than Yindu Kitchen. However, Ciwen Media is 2.48 times more volatile than Yindu Kitchen Equipment. It trades about 0.07 of its potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about -0.24 per unit of risk. If you would invest 681.00 in Ciwen Media Co on August 29, 2024 and sell it today you would earn a total of 29.00 from holding Ciwen Media Co or generate 4.26% 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. Yindu Kitchen Equipment
Performance |
| Timeline |
| Ciwen Media |
| Yindu Kitchen Equipment |
Ciwen Media and Yindu Kitchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Yindu Kitchen
The main advantage of trading using opposite Ciwen Media and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen's long position.| Ciwen Media vs. Agricultural Bank of | Ciwen Media vs. Industrial and Commercial | Ciwen Media vs. Bank of China | Ciwen Media vs. PetroChina Co Ltd |
| Yindu Kitchen vs. Biwin Storage Technology | Yindu Kitchen vs. PetroChina Co Ltd | Yindu Kitchen vs. Industrial and Commercial | Yindu Kitchen vs. China Construction Bank |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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