Correlation Between Guangzhou Jinyi and Dow Jones
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou Jinyi Media and Dow Jones Industrial, you can compare the effects of market volatilities on Guangzhou Jinyi and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Dow Jones.
Diversification Opportunities for Guangzhou Jinyi and Dow Jones
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Guangzhou and Dow is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Dow Jones go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Dow Jones
Assuming the 90 days trading horizon Guangzhou Jinyi Media is expected to under-perform the Dow Jones. In addition to that, Guangzhou Jinyi is 2.82 times more volatile than Dow Jones Industrial. It trades about -0.16 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about -0.31 per unit of volatility. If you would invest 4,447,041 in Dow Jones Industrial on December 10, 2024 and sell it today you would lose (255,870) from holding Dow Jones Industrial or give up 5.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Guangzhou Jinyi Media vs. Dow Jones Industrial
Performance |
| Timeline |
Guangzhou Jinyi and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Guangzhou Jinyi Media
Pair trading matchups for Guangzhou Jinyi
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Guangzhou Jinyi and Dow Jones
The main advantage of trading using opposite Guangzhou Jinyi and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Guangzhou Jinyi vs. Andon Health Co | ||
| Guangzhou Jinyi vs. Integrated Electronic Systems | ||
| Guangzhou Jinyi vs. Techshine Electronics Co | ||
| Guangzhou Jinyi vs. De Rucci Healthy |
| Dow Jones vs. The Gap, | ||
| Dow Jones vs. Corporacion America Airports | ||
| Dow Jones vs. Mesa Air Group | ||
| Dow Jones vs. National Vision Holdings |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |