Correlation Between Double Medical and JiShi Media
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By analyzing existing cross correlation between Double Medical Technology and JiShi Media Co, you can compare the effects of market volatilities on Double Medical 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 Double Medical with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Double Medical and JiShi Media.
Diversification Opportunities for Double Medical and JiShi Media
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Double and JiShi is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Double Medical Technology and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Double Medical 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 Double Medical Technology 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 Double Medical i.e., Double Medical and JiShi Media go up and down completely randomly.
Pair Corralation between Double Medical and JiShi Media
Assuming the 90 days trading horizon Double Medical Technology is expected to generate 0.52 times more return on investment than JiShi Media. However, Double Medical Technology is 1.93 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 -0.02 per unit of risk. If you would invest 3,410 in Double Medical Technology on November 6, 2024 and sell it today you would earn a total of 102.00 from holding Double Medical Technology or generate 2.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Double Medical Technology vs. JiShi Media Co
Performance |
| Timeline |
| Double Medical Technology |
| JiShi Media |
Double Medical and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Double Medical and JiShi Media
The main advantage of trading using opposite Double Medical and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Double Medical 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.| Double Medical vs. Techshine Electronics Co | Double Medical vs. Epoxy Base Electronic | Double Medical vs. Union Semiconductor Co | Double Medical vs. Thinkon Semiconductor Jinzhou |
| JiShi Media vs. China Publishing Media | JiShi Media vs. Time Publishing and | JiShi Media vs. Offcn Education Technology | JiShi Media vs. Southern PublishingMedia 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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