Correlation Between Shijiazhuang Yiling and Inly Media
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By analyzing existing cross correlation between Shijiazhuang Yiling Pharmaceutical and Inly Media Co, you can compare the effects of market volatilities on Shijiazhuang Yiling and Inly 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 Shijiazhuang Yiling with a short position of Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shijiazhuang Yiling and Inly Media.
Diversification Opportunities for Shijiazhuang Yiling and Inly Media
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shijiazhuang and Inly is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Shijiazhuang Yiling Pharmaceut and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly Media and Shijiazhuang Yiling 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 Shijiazhuang Yiling Pharmaceutical are associated (or correlated) with Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Shijiazhuang Yiling i.e., Shijiazhuang Yiling and Inly Media go up and down completely randomly.
Pair Corralation between Shijiazhuang Yiling and Inly Media
Assuming the 90 days trading horizon Shijiazhuang Yiling Pharmaceutical is expected to under-perform the Inly Media. But the stock apears to be less risky and, when comparing its historical volatility, Shijiazhuang Yiling Pharmaceutical is 3.4 times less risky than Inly Media. The stock trades about -0.21 of its potential returns per unit of risk. The Inly Media Co is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 1,580 in Inly Media Co on September 13, 2024 and sell it today you would earn a total of 414.00 from holding Inly Media Co or generate 26.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Shijiazhuang Yiling Pharmaceut vs. Inly Media Co
Performance |
| Timeline |
| Shijiazhuang Yiling |
| Inly Media |
Shijiazhuang Yiling and Inly Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shijiazhuang Yiling and Inly Media
The main advantage of trading using opposite Shijiazhuang Yiling and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shijiazhuang Yiling position performs unexpectedly, Inly 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 Inly Media will offset losses from the drop in Inly Media's long position.| Shijiazhuang Yiling vs. Cultural Investment Holdings | Shijiazhuang Yiling vs. Digital China Information | Shijiazhuang Yiling vs. Kunwu Jiuding Investment | Shijiazhuang Yiling vs. Tieling Newcity Investment |
| Inly Media vs. BYD Co Ltd | Inly Media vs. China Mobile Limited | Inly Media vs. Agricultural Bank of | Inly Media vs. Industrial and Commercial |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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