Correlation Between Ciwen Media and Aofu Environmental
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By analyzing existing cross correlation between Ciwen Media Co and Aofu Environmental Technology, you can compare the effects of market volatilities on Ciwen Media and Aofu Environmental 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 Aofu Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Aofu Environmental.
Diversification Opportunities for Ciwen Media and Aofu Environmental
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ciwen and Aofu is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Aofu Environmental Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aofu Environmental 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 Aofu Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aofu Environmental has no effect on the direction of Ciwen Media i.e., Ciwen Media and Aofu Environmental go up and down completely randomly.
Pair Corralation between Ciwen Media and Aofu Environmental
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 1.0 times more return on investment than Aofu Environmental. However, Ciwen Media is 1.0 times more volatile than Aofu Environmental Technology. It trades about 0.06 of its potential returns per unit of risk. Aofu Environmental Technology is currently generating about -0.06 per unit of risk. If you would invest 610.00 in Ciwen Media Co on November 3, 2024 and sell it today you would earn a total of 14.00 from holding Ciwen Media Co or generate 2.3% 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. Aofu Environmental Technology
Performance |
| Timeline |
| Ciwen Media |
| Aofu Environmental |
Ciwen Media and Aofu Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Aofu Environmental
The main advantage of trading using opposite Ciwen Media and Aofu Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Aofu Environmental 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 Aofu Environmental will offset losses from the drop in Aofu Environmental's long position.| Ciwen Media vs. Humanwell Healthcare Group | Ciwen Media vs. Xinjiang Beixin RoadBridge | Ciwen Media vs. Hainan Haiqi Transportation | Ciwen Media vs. Chengdu Xinzhu RoadBridge |
| Aofu Environmental vs. Guangxi Wuzhou Communications | Aofu Environmental vs. Shanghai Ziyan Foods | Aofu Environmental vs. TianJin 712 Communication | Aofu Environmental vs. Suzhou Weizhixiang Food |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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