Correlation Between Ciwen Media and Hygon Information
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By analyzing existing cross correlation between Ciwen Media Co and Hygon Information Technology, you can compare the effects of market volatilities on Ciwen Media and Hygon Information 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 Hygon Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Hygon Information.
Diversification Opportunities for Ciwen Media and Hygon Information
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ciwen and Hygon is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Hygon Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hygon Information 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 Hygon Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hygon Information has no effect on the direction of Ciwen Media i.e., Ciwen Media and Hygon Information go up and down completely randomly.
Pair Corralation between Ciwen Media and Hygon Information
Assuming the 90 days trading horizon Ciwen Media is expected to generate 9.64 times less return on investment than Hygon Information. In addition to that, Ciwen Media is 1.0 times more volatile than Hygon Information Technology. It trades about 0.01 of its total potential returns per unit of risk. Hygon Information Technology is currently generating about 0.08 per unit of volatility. If you would invest 4,411 in Hygon Information Technology on October 16, 2024 and sell it today you would earn a total of 9,929 from holding Hygon Information Technology or generate 225.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Hygon Information Technology
Performance |
| Timeline |
| Ciwen Media |
| Hygon Information |
Ciwen Media and Hygon Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Hygon Information
The main advantage of trading using opposite Ciwen Media and Hygon Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Hygon Information 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 Hygon Information will offset losses from the drop in Hygon Information'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 |
| Hygon Information vs. Songz Automobile Air | Hygon Information vs. Rising Nonferrous Metals | Hygon Information vs. Anhui Jianghuai Automobile | Hygon Information vs. Telling Telecommunication Holding |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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