Correlation Between Guangzhou Jinyi and JiShi Media
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By analyzing existing cross correlation between Guangzhou Jinyi Media and JiShi Media Co, you can compare the effects of market volatilities on Guangzhou Jinyi 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 Guangzhou Jinyi with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and JiShi Media.
Diversification Opportunities for Guangzhou Jinyi and JiShi Media
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guangzhou and JiShi is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Guangzhou Jinyi 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 Guangzhou Jinyi Media 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 Guangzhou Jinyi i.e., Guangzhou Jinyi and JiShi Media go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and JiShi Media
Assuming the 90 days trading horizon Guangzhou Jinyi Media is expected to generate 0.92 times more return on investment than JiShi Media. However, Guangzhou Jinyi Media is 1.09 times less risky than JiShi Media. It trades about 0.16 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.09 per unit of risk. If you would invest 666.00 in Guangzhou Jinyi Media on September 1, 2024 and sell it today you would earn a total of 79.00 from holding Guangzhou Jinyi Media or generate 11.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jinyi Media vs. JiShi Media Co
Performance |
| Timeline |
| Guangzhou Jinyi Media |
| JiShi Media |
Guangzhou Jinyi and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jinyi and JiShi Media
The main advantage of trading using opposite Guangzhou Jinyi and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi 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.| Guangzhou Jinyi vs. GreenTech Environmental Co | Guangzhou Jinyi vs. Changjiang Jinggong Steel | Guangzhou Jinyi vs. Hunan TV Broadcast | Guangzhou Jinyi vs. Dongjiang Environmental Co |
| JiShi Media vs. China Petroleum Chemical | JiShi Media vs. PetroChina Co Ltd | JiShi Media vs. China State Construction | JiShi Media vs. China Railway Group |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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