Correlation Between Ciwen Media and Crown Advanced
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By analyzing existing cross correlation between Ciwen Media Co and Crown Advanced Material, you can compare the effects of market volatilities on Ciwen Media and Crown Advanced 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 Crown Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Crown Advanced.
Diversification Opportunities for Ciwen Media and Crown Advanced
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ciwen and Crown is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Crown Advanced Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crown Advanced Material 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 Crown Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crown Advanced Material has no effect on the direction of Ciwen Media i.e., Ciwen Media and Crown Advanced go up and down completely randomly.
Pair Corralation between Ciwen Media and Crown Advanced
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 1.18 times more return on investment than Crown Advanced. However, Ciwen Media is 1.18 times more volatile than Crown Advanced Material. It trades about 0.07 of its potential returns per unit of risk. Crown Advanced Material is currently generating about -0.26 per unit of risk. If you would invest 681.00 in Ciwen Media Co on August 28, 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 Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Crown Advanced Material
Performance |
| Timeline |
| Ciwen Media |
| Crown Advanced Material |
Ciwen Media and Crown Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Crown Advanced
The main advantage of trading using opposite Ciwen Media and Crown Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Crown Advanced 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 Crown Advanced will offset losses from the drop in Crown Advanced'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 |
| Crown Advanced vs. Zijin Mining Group | Crown Advanced vs. Wanhua Chemical Group | Crown Advanced vs. Baoshan Iron Steel | Crown Advanced vs. Shandong Gold Mining |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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