Correlation Between Marssenger Kitchenware and JiShi Media
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By analyzing existing cross correlation between Marssenger Kitchenware Co and JiShi Media Co, you can compare the effects of market volatilities on Marssenger Kitchenware 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 Marssenger Kitchenware with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and JiShi Media.
Diversification Opportunities for Marssenger Kitchenware and JiShi Media
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Marssenger and JiShi is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Marssenger Kitchenware 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 Marssenger Kitchenware Co 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 Marssenger Kitchenware i.e., Marssenger Kitchenware and JiShi Media go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and JiShi Media
Assuming the 90 days trading horizon Marssenger Kitchenware Co is expected to generate 1.54 times more return on investment than JiShi Media. However, Marssenger Kitchenware is 1.54 times more volatile than JiShi Media Co. It trades about -0.01 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.16 per unit of risk. If you would invest 1,458 in Marssenger Kitchenware Co on October 28, 2024 and sell it today you would lose (52.00) from holding Marssenger Kitchenware Co or give up 3.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. JiShi Media Co
Performance |
| Timeline |
| Marssenger Kitchenware |
| JiShi Media |
Marssenger Kitchenware and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and JiShi Media
The main advantage of trading using opposite Marssenger Kitchenware and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware 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.| Marssenger Kitchenware vs. Lotus Health Group | Marssenger Kitchenware vs. Meinian Onehealth Healthcare | Marssenger Kitchenware vs. Everjoy Health Group | Marssenger Kitchenware vs. Shandong Sinoglory Health |
| JiShi Media vs. Allgens Medical Technology | JiShi Media vs. Shandong Intco Medical | JiShi Media vs. XiaMen HongXin Electron tech | JiShi Media vs. Double Medical Technology |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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