Correlation Between 159005 and Dook Media
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By analyzing existing cross correlation between 159005 and Dook Media Group, you can compare the effects of market volatilities on 159005 and Dook 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 159005 with a short position of Dook Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159005 and Dook Media.
Diversification Opportunities for 159005 and Dook Media
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 159005 and Dook is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding 159005 and Dook Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dook Media Group and 159005 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 159005 are associated (or correlated) with Dook Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dook Media Group has no effect on the direction of 159005 i.e., 159005 and Dook Media go up and down completely randomly.
Pair Corralation between 159005 and Dook Media
Assuming the 90 days trading horizon 159005 is expected to generate 47.37 times less return on investment than Dook Media. But when comparing it to its historical volatility, 159005 is 204.35 times less risky than Dook Media. It trades about 0.14 of its potential returns per unit of risk. Dook Media Group is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 949.00 in Dook Media Group on September 12, 2024 and sell it today you would earn a total of 231.00 from holding Dook Media Group or generate 24.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
159005 vs. Dook Media Group
Performance |
| Timeline |
| 159005 |
| Dook Media Group |
159005 and Dook Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159005 and Dook Media
The main advantage of trading using opposite 159005 and Dook Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159005 position performs unexpectedly, Dook 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 Dook Media will offset losses from the drop in Dook Media's long position.The idea behind 159005 and Dook Media Group pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Dook Media vs. Kweichow Moutai Co | Dook Media vs. Shenzhen Mindray Bio Medical | Dook Media vs. G bits Network Technology | Dook Media vs. Beijing Roborock Technology |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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