Correlation Between Guangdong Jinma and Top Choice
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By analyzing existing cross correlation between Guangdong Jinma Entertainment and Top Choice Medical, you can compare the effects of market volatilities on Guangdong Jinma and Top Choice 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 Guangdong Jinma with a short position of Top Choice. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jinma and Top Choice.
Diversification Opportunities for Guangdong Jinma and Top Choice
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guangdong and Top is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jinma Entertainment and Top Choice Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Top Choice Medical and Guangdong Jinma 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 Guangdong Jinma Entertainment are associated (or correlated) with Top Choice. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Top Choice Medical has no effect on the direction of Guangdong Jinma i.e., Guangdong Jinma and Top Choice go up and down completely randomly.
Pair Corralation between Guangdong Jinma and Top Choice
Assuming the 90 days trading horizon Guangdong Jinma Entertainment is expected to generate 1.14 times more return on investment than Top Choice. However, Guangdong Jinma is 1.14 times more volatile than Top Choice Medical. It trades about 0.01 of its potential returns per unit of risk. Top Choice Medical is currently generating about -0.09 per unit of risk. If you would invest 1,571 in Guangdong Jinma Entertainment on October 16, 2024 and sell it today you would lose (143.00) from holding Guangdong Jinma Entertainment or give up 9.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Guangdong Jinma Entertainment vs. Top Choice Medical
Performance |
| Timeline |
| Guangdong Jinma Ente |
| Top Choice Medical |
Guangdong Jinma and Top Choice Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jinma and Top Choice
The main advantage of trading using opposite Guangdong Jinma and Top Choice positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jinma position performs unexpectedly, Top Choice 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 Top Choice will offset losses from the drop in Top Choice's long position.| Guangdong Jinma vs. Threes Company Media | Guangdong Jinma vs. JiShi Media Co | Guangdong Jinma vs. Beijing Enlight Media | Guangdong Jinma vs. CICC Fund Management |
| Top Choice vs. Suzhou Mingzhi Technology | Top Choice vs. CICC Fund Management | Top Choice vs. Sanbo Hospital Management | Top Choice vs. Wuhan Yangtze Communication |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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