Correlation Between Shenzhen MTC and JiShi Media
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By analyzing existing cross correlation between Shenzhen MTC Co and JiShi Media Co, you can compare the effects of market volatilities on Shenzhen MTC and JiShi Media 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 Shenzhen MTC with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MTC and JiShi Media.
Diversification Opportunities for Shenzhen MTC and JiShi Media
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenzhen and JiShi is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MTC Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Shenzhen MTC 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 Shenzhen MTC Co are associated (or correlated) with JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of Shenzhen MTC i.e., Shenzhen MTC and JiShi Media go up and down completely randomly.
Pair Corralation between Shenzhen MTC and JiShi Media
Assuming the 90 days trading horizon Shenzhen MTC Co is expected to under-perform the JiShi Media. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen MTC Co is 1.7 times less risky than JiShi Media. The stock trades about -0.05 of its potential returns per unit of risk. The JiShi Media Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 181.00 in JiShi Media Co on August 25, 2024 and sell it today you would earn a total of 4.00 from holding JiShi Media Co or generate 2.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Shenzhen MTC Co vs. JiShi Media Co
Performance |
| Timeline |
| Shenzhen MTC |
| JiShi Media |
Shenzhen MTC and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MTC and JiShi Media
The main advantage of trading using opposite Shenzhen MTC and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MTC position performs unexpectedly, JiShi Media 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 JiShi Media will offset losses from the drop in JiShi Media's long position.| Shenzhen MTC vs. JiShi Media Co | Shenzhen MTC vs. Central Plains Environment | Shenzhen MTC vs. Tongxing Environmental Protection | Shenzhen MTC vs. Eit Environmental Development |
| JiShi Media vs. Chengdu Kanghua Biological | JiShi Media vs. Beijing Wantai Biological | JiShi Media vs. Suzhou Novoprotein Scientific | JiShi Media vs. Aluminum Corp of |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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