Correlation Between Muyuan Foodstuff and Thinkingdom Media
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By analyzing existing cross correlation between Muyuan Foodstuff Co and Thinkingdom Media Group, you can compare the effects of market volatilities on Muyuan Foodstuff and Thinkingdom 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 Muyuan Foodstuff with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Muyuan Foodstuff and Thinkingdom Media.
Diversification Opportunities for Muyuan Foodstuff and Thinkingdom Media
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Muyuan and Thinkingdom is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Muyuan Foodstuff Co and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Muyuan Foodstuff 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 Muyuan Foodstuff Co are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Muyuan Foodstuff i.e., Muyuan Foodstuff and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Muyuan Foodstuff and Thinkingdom Media
Assuming the 90 days trading horizon Muyuan Foodstuff is expected to generate 9.67 times less return on investment than Thinkingdom Media. But when comparing it to its historical volatility, Muyuan Foodstuff Co is 1.6 times less risky than Thinkingdom Media. It trades about 0.01 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,291 in Thinkingdom Media Group on November 3, 2024 and sell it today you would earn a total of 689.00 from holding Thinkingdom Media Group or generate 53.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Muyuan Foodstuff Co vs. Thinkingdom Media Group
Performance |
| Timeline |
| Muyuan Foodstuff |
| Thinkingdom Media |
Muyuan Foodstuff and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Muyuan Foodstuff and Thinkingdom Media
The main advantage of trading using opposite Muyuan Foodstuff and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Muyuan Foodstuff position performs unexpectedly, Thinkingdom 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Muyuan Foodstuff vs. Heilongjiang Transport Development | Muyuan Foodstuff vs. Fiberhome Telecommunication Technologies | Muyuan Foodstuff vs. Ye Chiu Metal | Muyuan Foodstuff vs. AUPU Home Style |
| Thinkingdom Media vs. Shenzhen Shenbao Industrial | Thinkingdom Media vs. Guangdong Sunwill Precising | Thinkingdom Media vs. Guangzhou Zhujiang Brewery | Thinkingdom Media vs. Ningbo Tip Rubber |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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