Correlation Between Ciwen Media and Suzhou Douson
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By analyzing existing cross correlation between Ciwen Media Co and Suzhou Douson Drilling, you can compare the effects of market volatilities on Ciwen Media and Suzhou Douson 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 Suzhou Douson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Suzhou Douson.
Diversification Opportunities for Ciwen Media and Suzhou Douson
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ciwen and Suzhou is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Suzhou Douson Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Douson Drilling 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 Suzhou Douson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Douson Drilling has no effect on the direction of Ciwen Media i.e., Ciwen Media and Suzhou Douson go up and down completely randomly.
Pair Corralation between Ciwen Media and Suzhou Douson
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 1.03 times more return on investment than Suzhou Douson. However, Ciwen Media is 1.03 times more volatile than Suzhou Douson Drilling. It trades about 0.17 of its potential returns per unit of risk. Suzhou Douson Drilling is currently generating about 0.16 per unit of risk. If you would invest 711.00 in Ciwen Media Co on September 13, 2024 and sell it today you would earn a total of 85.00 from holding Ciwen Media Co or generate 11.95% 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. Suzhou Douson Drilling
Performance |
| Timeline |
| Ciwen Media |
| Suzhou Douson Drilling |
Ciwen Media and Suzhou Douson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Suzhou Douson
The main advantage of trading using opposite Ciwen Media and Suzhou Douson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Suzhou Douson 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 Suzhou Douson will offset losses from the drop in Suzhou Douson's long position.| Ciwen Media vs. Shaanxi Energy Investment | Ciwen Media vs. Kunwu Jiuding Investment | Ciwen Media vs. Henan Shuanghui Investment | Ciwen Media vs. Nuode Investment Co |
| Suzhou Douson vs. Guangdong Jingyi Metal | Suzhou Douson vs. Datang HuaYin Electric | Suzhou Douson vs. AVCON Information Tech | Suzhou Douson vs. Yunnan Xiyi 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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