Correlation Between Dook Media and Zhejiang HISUN
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By analyzing existing cross correlation between Dook Media Group and Zhejiang HISUN Biomaterials, you can compare the effects of market volatilities on Dook Media and Zhejiang HISUN 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 Zhejiang HISUN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dook Media and Zhejiang HISUN.
Diversification Opportunities for Dook Media and Zhejiang HISUN
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Dook and Zhejiang is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Dook Media Group and Zhejiang HISUN Biomaterials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang HISUN Bioma 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 Zhejiang HISUN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang HISUN Bioma has no effect on the direction of Dook Media i.e., Dook Media and Zhejiang HISUN go up and down completely randomly.
Pair Corralation between Dook Media and Zhejiang HISUN
Assuming the 90 days trading horizon Dook Media Group is expected to under-perform the Zhejiang HISUN. In addition to that, Dook Media is 1.71 times more volatile than Zhejiang HISUN Biomaterials. It trades about -0.18 of its total potential returns per unit of risk. Zhejiang HISUN Biomaterials is currently generating about 0.11 per unit of volatility. If you would invest 982.00 in Zhejiang HISUN Biomaterials on December 1, 2024 and sell it today you would earn a total of 21.00 from holding Zhejiang HISUN Biomaterials or generate 2.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dook Media Group vs. Zhejiang HISUN Biomaterials
Performance |
| Timeline |
| Dook Media Group |
| Zhejiang HISUN Bioma |
Dook Media and Zhejiang HISUN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dook Media and Zhejiang HISUN
The main advantage of trading using opposite Dook Media and Zhejiang HISUN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dook Media position performs unexpectedly, Zhejiang HISUN 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 Zhejiang HISUN will offset losses from the drop in Zhejiang HISUN's long position.| Dook Media vs. Qtone Education Group | Dook Media vs. Chinese Universe Publishing | Dook Media vs. Aba Chemicals Corp | Dook Media vs. COL Digital Publishing |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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