Correlation Between Zhejiang Kingland and Focus Media
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By analyzing existing cross correlation between Zhejiang Kingland Pipeline and Focus Media Information, you can compare the effects of market volatilities on Zhejiang Kingland and Focus 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 Zhejiang Kingland with a short position of Focus Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Kingland and Focus Media.
Diversification Opportunities for Zhejiang Kingland and Focus Media
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zhejiang and Focus is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and Focus Media Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Focus Media Information and Zhejiang Kingland 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 Zhejiang Kingland Pipeline are associated (or correlated) with Focus Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Focus Media Information has no effect on the direction of Zhejiang Kingland i.e., Zhejiang Kingland and Focus Media go up and down completely randomly.
Pair Corralation between Zhejiang Kingland and Focus Media
Assuming the 90 days trading horizon Zhejiang Kingland is expected to generate 39.29 times less return on investment than Focus Media. In addition to that, Zhejiang Kingland is 1.03 times more volatile than Focus Media Information. It trades about 0.0 of its total potential returns per unit of risk. Focus Media Information is currently generating about 0.01 per unit of volatility. If you would invest 619.00 in Focus Media Information on October 16, 2024 and sell it today you would earn a total of 26.00 from holding Focus Media Information or generate 4.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Kingland Pipeline vs. Focus Media Information
Performance |
| Timeline |
| Zhejiang Kingland |
| Focus Media Information |
Zhejiang Kingland and Focus Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Kingland and Focus Media
The main advantage of trading using opposite Zhejiang Kingland and Focus Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Kingland position performs unexpectedly, Focus 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 Focus Media will offset losses from the drop in Focus Media's long position.| Zhejiang Kingland vs. Ziel Home Furnishing | Zhejiang Kingland vs. Shandong Homey Aquatic | Zhejiang Kingland vs. Markor International Home | Zhejiang Kingland vs. Hunan Mendale Hometextile |
| Focus Media vs. Heilongjiang Transport Development | Focus Media vs. Zhejiang Kingland Pipeline | Focus Media vs. Xinjiang Baodi Mining | Focus Media vs. Jiangsu Broadcasting Cable |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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