Correlation Between Shandong Intco and JiShi Media
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By analyzing existing cross correlation between Shandong Intco Medical and JiShi Media Co, you can compare the effects of market volatilities on Shandong Intco 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 Shandong Intco with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Intco and JiShi Media.
Diversification Opportunities for Shandong Intco and JiShi Media
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shandong and JiShi is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Intco Medical and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Shandong Intco 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 Shandong Intco Medical 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 Shandong Intco i.e., Shandong Intco and JiShi Media go up and down completely randomly.
Pair Corralation between Shandong Intco and JiShi Media
Assuming the 90 days trading horizon Shandong Intco Medical is expected to generate 0.73 times more return on investment than JiShi Media. However, Shandong Intco Medical is 1.38 times less risky than JiShi Media. It trades about 0.31 of its potential returns per unit of risk. JiShi Media Co is currently generating about 0.0 per unit of risk. If you would invest 2,461 in Shandong Intco Medical on November 6, 2024 and sell it today you would earn a total of 258.00 from holding Shandong Intco Medical or generate 10.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Intco Medical vs. JiShi Media Co
Performance |
| Timeline |
| Shandong Intco Medical |
| JiShi Media |
Shandong Intco and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Intco and JiShi Media
The main advantage of trading using opposite Shandong Intco and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Intco 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.| Shandong Intco vs. Spring Airlines Co | Shandong Intco vs. Chengtun Mining Group | Shandong Intco vs. Dymatic Chemicals | Shandong Intco vs. Juneyao Airlines |
| 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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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