Correlation Between Qingdao Citymedia and Jangho Group
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By analyzing existing cross correlation between Qingdao Citymedia Co and Jangho Group Co, you can compare the effects of market volatilities on Qingdao Citymedia and Jangho Group 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 Qingdao Citymedia with a short position of Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao Citymedia and Jangho Group.
Diversification Opportunities for Qingdao Citymedia and Jangho Group
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Qingdao and Jangho is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao Citymedia Co and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group and Qingdao Citymedia 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 Qingdao Citymedia Co are associated (or correlated) with Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of Qingdao Citymedia i.e., Qingdao Citymedia and Jangho Group go up and down completely randomly.
Pair Corralation between Qingdao Citymedia and Jangho Group
Assuming the 90 days trading horizon Qingdao Citymedia Co is expected to generate 1.31 times more return on investment than Jangho Group. However, Qingdao Citymedia is 1.31 times more volatile than Jangho Group Co. It trades about 0.03 of its potential returns per unit of risk. Jangho Group Co is currently generating about -0.01 per unit of risk. If you would invest 642.00 in Qingdao Citymedia Co on September 12, 2024 and sell it today you would earn a total of 176.00 from holding Qingdao Citymedia Co or generate 27.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Qingdao Citymedia Co vs. Jangho Group Co
Performance |
| Timeline |
| Qingdao Citymedia |
| Jangho Group |
Qingdao Citymedia and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao Citymedia and Jangho Group
The main advantage of trading using opposite Qingdao Citymedia and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao Citymedia position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group's long position.| Qingdao Citymedia vs. Kweichow Moutai Co | Qingdao Citymedia vs. Shenzhen Mindray Bio Medical | Qingdao Citymedia vs. G bits Network Technology | Qingdao Citymedia vs. Beijing Roborock Technology |
| Jangho Group vs. Ningbo MedicalSystem Biotechnology | Jangho Group vs. Kontour Medical Technology | Jangho Group vs. Everdisplay Optronics Shanghai | Jangho Group 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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