Correlation Between Mango Excellent and Jiangsu Broadcasting
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By analyzing existing cross correlation between Mango Excellent Media and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Mango Excellent and Jiangsu Broadcasting 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 Mango Excellent with a short position of Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Jiangsu Broadcasting.
Diversification Opportunities for Mango Excellent and Jiangsu Broadcasting
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mango and Jiangsu is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting and Mango Excellent 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 Mango Excellent Media are associated (or correlated) with Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Mango Excellent i.e., Mango Excellent and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Mango Excellent and Jiangsu Broadcasting
Assuming the 90 days trading horizon Mango Excellent Media is expected to generate 1.39 times more return on investment than Jiangsu Broadcasting. However, Mango Excellent is 1.39 times more volatile than Jiangsu Broadcasting Cable. It trades about 0.22 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about 0.18 per unit of risk. If you would invest 2,572 in Mango Excellent Media on September 3, 2024 and sell it today you would earn a total of 310.00 from holding Mango Excellent Media or generate 12.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Mango Excellent Media |
| Jiangsu Broadcasting |
Mango Excellent and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Jiangsu Broadcasting
The main advantage of trading using opposite Mango Excellent and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Mango Excellent vs. PetroChina Co Ltd | Mango Excellent vs. China Mobile Limited | Mango Excellent vs. Industrial and Commercial | Mango Excellent vs. China Life Insurance |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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