Correlation Between XiaMen HongXin and JiShi Media
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By analyzing existing cross correlation between XiaMen HongXin Electron tech and JiShi Media Co, you can compare the effects of market volatilities on XiaMen HongXin 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 XiaMen HongXin with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of XiaMen HongXin and JiShi Media.
Diversification Opportunities for XiaMen HongXin and JiShi Media
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between XiaMen and JiShi is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding XiaMen HongXin Electron tech and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and XiaMen HongXin 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 XiaMen HongXin Electron tech 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 XiaMen HongXin i.e., XiaMen HongXin and JiShi Media go up and down completely randomly.
Pair Corralation between XiaMen HongXin and JiShi Media
Assuming the 90 days trading horizon XiaMen HongXin Electron tech is expected to generate 1.2 times more return on investment than JiShi Media. However, XiaMen HongXin is 1.2 times more volatile than JiShi Media Co. It trades about 0.09 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.02 per unit of risk. If you would invest 1,774 in XiaMen HongXin Electron tech on November 6, 2024 and sell it today you would earn a total of 373.00 from holding XiaMen HongXin Electron tech or generate 21.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XiaMen HongXin Electron tech vs. JiShi Media Co
Performance |
| Timeline |
| XiaMen HongXin Electron |
| JiShi Media |
XiaMen HongXin and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XiaMen HongXin and JiShi Media
The main advantage of trading using opposite XiaMen HongXin and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XiaMen HongXin 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.| XiaMen HongXin vs. Jiangsu Jinling Sports | XiaMen HongXin vs. Henan Shuanghui Investment | XiaMen HongXin vs. Shanghai Material Trading | XiaMen HongXin vs. Postal Savings Bank |
| JiShi Media vs. China Publishing Media | JiShi Media vs. Time Publishing and | JiShi Media vs. Offcn Education Technology | JiShi Media vs. Southern PublishingMedia Co |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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