Correlation Between Dook Media and Inner Mongolia
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By analyzing existing cross correlation between Dook Media Group and Inner Mongolia Furui, you can compare the effects of market volatilities on Dook Media and Inner Mongolia 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 Dook Media with a short position of Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dook Media and Inner Mongolia.
Diversification Opportunities for Dook Media and Inner Mongolia
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Dook and Inner is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Dook Media Group and Inner Mongolia Furui in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia Furui and Dook Media 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 Dook Media Group are associated (or correlated) with Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia Furui has no effect on the direction of Dook Media i.e., Dook Media and Inner Mongolia go up and down completely randomly.
Pair Corralation between Dook Media and Inner Mongolia
Assuming the 90 days trading horizon Dook Media is expected to generate 1.8 times less return on investment than Inner Mongolia. In addition to that, Dook Media is 1.07 times more volatile than Inner Mongolia Furui. It trades about 0.03 of its total potential returns per unit of risk. Inner Mongolia Furui is currently generating about 0.05 per unit of volatility. If you would invest 1,922 in Inner Mongolia Furui on September 3, 2024 and sell it today you would earn a total of 1,860 from holding Inner Mongolia Furui or generate 96.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dook Media Group vs. Inner Mongolia Furui
Performance |
| Timeline |
| Dook Media Group |
| Inner Mongolia Furui |
Dook Media and Inner Mongolia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dook Media and Inner Mongolia
The main advantage of trading using opposite Dook Media and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dook Media position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia's long position.| Dook Media vs. Gansu Jiu Steel | Dook Media vs. Ming Yang Smart | Dook Media vs. Aba Chemicals Corp | Dook Media vs. Loctek Ergonomic Technology |
| Inner Mongolia vs. Dook Media Group | Inner Mongolia vs. GreenTech Environmental Co | Inner Mongolia vs. Xizi Clean Energy | Inner Mongolia vs. Lingyuan Iron Steel |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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