Correlation Between Eit Environmental and JiShi Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Eit Environmental Development and JiShi Media Co, you can compare the effects of market volatilities on Eit Environmental 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 Eit Environmental with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eit Environmental and JiShi Media.
Diversification Opportunities for Eit Environmental and JiShi Media
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Eit and JiShi is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Eit Environmental Development and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Eit Environmental 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 Eit Environmental Development 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 Eit Environmental i.e., Eit Environmental and JiShi Media go up and down completely randomly.
Pair Corralation between Eit Environmental and JiShi Media
Assuming the 90 days trading horizon Eit Environmental Development is expected to generate 1.07 times more return on investment than JiShi Media. However, Eit Environmental is 1.07 times more volatile than JiShi Media Co. It trades about 0.0 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.12 per unit of risk. If you would invest 1,549 in Eit Environmental Development on August 29, 2024 and sell it today you would lose (32.00) from holding Eit Environmental Development or give up 2.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eit Environmental Development vs. JiShi Media Co
Performance |
| Timeline |
| Eit Environmental |
| JiShi Media |
Eit Environmental and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eit Environmental and JiShi Media
The main advantage of trading using opposite Eit Environmental and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eit Environmental 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.| Eit Environmental vs. China Petroleum Chemical | Eit Environmental vs. PetroChina Co Ltd | Eit Environmental vs. China State Construction | Eit Environmental vs. China Railway Group |
| JiShi Media vs. Sunwave Communications Co | JiShi Media vs. Zhangjiagang Freetrade Science | JiShi Media vs. China Nonferrous Metal | JiShi Media vs. Haima Automobile Group |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |