Correlation Between 159005 and Thinkingdom Media
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By analyzing existing cross correlation between 159005 and Thinkingdom Media Group, you can compare the effects of market volatilities on 159005 and Thinkingdom 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159005 and Thinkingdom Media.
Diversification Opportunities for 159005 and Thinkingdom Media
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 159005 and Thinkingdom is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding 159005 and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of 159005 i.e., 159005 and Thinkingdom Media go up and down completely randomly.
Pair Corralation between 159005 and Thinkingdom Media
Assuming the 90 days trading horizon 159005 is expected to generate 26.64 times less return on investment than Thinkingdom Media. But when comparing it to its historical volatility, 159005 is 130.43 times less risky than Thinkingdom Media. It trades about 0.13 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,935 in Thinkingdom Media Group on September 5, 2024 and sell it today you would earn a total of 365.00 from holding Thinkingdom Media Group or generate 18.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
159005 vs. Thinkingdom Media Group
Performance |
| Timeline |
| 159005 |
| Thinkingdom Media |
159005 and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159005 and Thinkingdom Media
The main advantage of trading using opposite 159005 and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159005 position performs unexpectedly, Thinkingdom 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| 159005 vs. Shenzhen MTC Co | 159005 vs. Ming Yang Smart | 159005 vs. Changzhou Almaden Co | 159005 vs. 159681 |
| Thinkingdom Media vs. Ming Yang Smart | Thinkingdom Media vs. 159681 | Thinkingdom Media vs. 159005 | Thinkingdom Media vs. 516220 |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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