Correlation Between Hangzhou Guotai and JiShi Media
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By analyzing existing cross correlation between Hangzhou Guotai Environmental and JiShi Media Co, you can compare the effects of market volatilities on Hangzhou Guotai 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 Hangzhou Guotai with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Guotai and JiShi Media.
Diversification Opportunities for Hangzhou Guotai and JiShi Media
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hangzhou and JiShi is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Guotai Environmental and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Hangzhou Guotai 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 Hangzhou Guotai Environmental 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 Hangzhou Guotai i.e., Hangzhou Guotai and JiShi Media go up and down completely randomly.
Pair Corralation between Hangzhou Guotai and JiShi Media
Assuming the 90 days trading horizon Hangzhou Guotai Environmental is expected to generate 1.04 times more return on investment than JiShi Media. However, Hangzhou Guotai is 1.04 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 0.0 per unit of risk. If you would invest 3,590 in Hangzhou Guotai Environmental on October 30, 2024 and sell it today you would lose (420.00) from holding Hangzhou Guotai Environmental or give up 11.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 91.89% |
| Values | Daily Returns |
Hangzhou Guotai Environmental vs. JiShi Media Co
Performance |
| Timeline |
| Hangzhou Guotai Envi |
| JiShi Media |
Hangzhou Guotai and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Guotai and JiShi Media
The main advantage of trading using opposite Hangzhou Guotai and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Guotai 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.| Hangzhou Guotai vs. Industrial and Commercial | Hangzhou Guotai vs. Agricultural Bank of | Hangzhou Guotai vs. China Construction Bank | Hangzhou Guotai vs. Bank of China |
| JiShi Media vs. Nanjing Putian Telecommunications | JiShi Media vs. Anhui Jianghuai Automobile | JiShi Media vs. Runjian Communication Co | JiShi Media vs. Xiangyang Automobile Bearing |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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