Correlation Between GUOMAI Culture and JiShi Media
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By analyzing existing cross correlation between GUOMAI Culture Media and JiShi Media Co, you can compare the effects of market volatilities on GUOMAI Culture 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 GUOMAI Culture with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of GUOMAI Culture and JiShi Media.
Diversification Opportunities for GUOMAI Culture and JiShi Media
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GUOMAI and JiShi is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding GUOMAI Culture Media and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and GUOMAI Culture 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 GUOMAI Culture Media 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 GUOMAI Culture i.e., GUOMAI Culture and JiShi Media go up and down completely randomly.
Pair Corralation between GUOMAI Culture and JiShi Media
Assuming the 90 days trading horizon GUOMAI Culture Media is expected to generate 1.52 times more return on investment than JiShi Media. However, GUOMAI Culture is 1.52 times more volatile than JiShi Media Co. It trades about 0.04 of its potential returns per unit of risk. JiShi Media Co is currently generating about 0.0 per unit of risk. If you would invest 2,010 in GUOMAI Culture Media on October 29, 2024 and sell it today you would earn a total of 618.00 from holding GUOMAI Culture Media or generate 30.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GUOMAI Culture Media vs. JiShi Media Co
Performance |
| Timeline |
| GUOMAI Culture Media |
| JiShi Media |
GUOMAI Culture and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GUOMAI Culture and JiShi Media
The main advantage of trading using opposite GUOMAI Culture and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GUOMAI Culture 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.| GUOMAI Culture vs. Beijing YanDong MicroElectronic | GUOMAI Culture vs. Guangzhou Zhujiang Brewery | GUOMAI Culture vs. Shantou Wanshun Package | GUOMAI Culture vs. Fuzhou Rockchip Electronics |
| JiShi Media vs. Cambricon Technologies Corp | JiShi Media vs. SGSG Sciencetechnology Co | JiShi Media vs. Zhonghang Electronic Measuring | JiShi Media vs. Loongson Technology Corp |
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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