Correlation Between Gansu Jiu and JiShi Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gansu Jiu Steel and JiShi Media Co, you can compare the effects of market volatilities on Gansu Jiu 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 Gansu Jiu with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Jiu and JiShi Media.
Diversification Opportunities for Gansu Jiu and JiShi Media
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gansu and JiShi is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Jiu Steel and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Gansu Jiu 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 Gansu Jiu Steel 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 Gansu Jiu i.e., Gansu Jiu and JiShi Media go up and down completely randomly.
Pair Corralation between Gansu Jiu and JiShi Media
Assuming the 90 days trading horizon Gansu Jiu is expected to generate 2.45 times less return on investment than JiShi Media. But when comparing it to its historical volatility, Gansu Jiu Steel is 1.58 times less risky than JiShi Media. It trades about 0.01 of its potential returns per unit of risk. JiShi Media Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 200.00 in JiShi Media Co on September 3, 2024 and sell it today you would lose (15.00) from holding JiShi Media Co or give up 7.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Jiu Steel vs. JiShi Media Co
Performance |
| Timeline |
| Gansu Jiu Steel |
| JiShi Media |
Gansu Jiu and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Jiu and JiShi Media
The main advantage of trading using opposite Gansu Jiu and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Jiu 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.| Gansu Jiu vs. Cangzhou Mingzhu Plastic | Gansu Jiu vs. Eastern Communications Co | Gansu Jiu vs. Western Metal Materials | Gansu Jiu vs. Ningbo Tip Rubber |
| JiShi Media vs. Gansu Jiu Steel | JiShi Media vs. Ming Yang Smart | JiShi Media vs. Aba Chemicals Corp | JiShi Media vs. Loctek Ergonomic 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |