Correlation Between Tongyu Communication and JiShi Media
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By analyzing existing cross correlation between Tongyu Communication and JiShi Media Co, you can compare the effects of market volatilities on Tongyu Communication 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 Tongyu Communication with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongyu Communication and JiShi Media.
Diversification Opportunities for Tongyu Communication and JiShi Media
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tongyu and JiShi is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Tongyu Communication and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Tongyu Communication 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 Tongyu Communication 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 Tongyu Communication i.e., Tongyu Communication and JiShi Media go up and down completely randomly.
Pair Corralation between Tongyu Communication and JiShi Media
Assuming the 90 days trading horizon Tongyu Communication is expected to generate 0.95 times more return on investment than JiShi Media. However, Tongyu Communication is 1.05 times less risky than JiShi Media. It trades about 0.03 of its potential returns per unit of risk. JiShi Media Co is currently generating about 0.0 per unit of risk. If you would invest 1,225 in Tongyu Communication on October 16, 2024 and sell it today you would earn a total of 134.00 from holding Tongyu Communication or generate 10.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tongyu Communication vs. JiShi Media Co
Performance |
| Timeline |
| Tongyu Communication |
| JiShi Media |
Tongyu Communication and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongyu Communication and JiShi Media
The main advantage of trading using opposite Tongyu Communication and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongyu Communication 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.| Tongyu Communication vs. Guangdong Jingyi Metal | Tongyu Communication vs. Chengtun Mining Group | Tongyu Communication vs. Western Metal Materials | Tongyu Communication vs. Shanghai Broadband Technology |
| JiShi Media vs. Sichuan Yahua Industrial | JiShi Media vs. Gem Year Industrial Co | JiShi Media vs. Qingdao Choho Industrial | JiShi Media vs. Holitech Technology Co |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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