Correlation Between Beijing Bashi and Inly Media
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By analyzing existing cross correlation between Beijing Bashi Media and Inly Media Co, you can compare the effects of market volatilities on Beijing Bashi and Inly 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 Beijing Bashi with a short position of Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bashi and Inly Media.
Diversification Opportunities for Beijing Bashi and Inly Media
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Inly is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bashi Media and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly Media and Beijing Bashi 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 Beijing Bashi Media are associated (or correlated) with Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Beijing Bashi i.e., Beijing Bashi and Inly Media go up and down completely randomly.
Pair Corralation between Beijing Bashi and Inly Media
Assuming the 90 days trading horizon Beijing Bashi Media is expected to generate 0.57 times more return on investment than Inly Media. However, Beijing Bashi Media is 1.77 times less risky than Inly Media. It trades about 0.0 of its potential returns per unit of risk. Inly Media Co is currently generating about 0.0 per unit of risk. If you would invest 428.00 in Beijing Bashi Media on August 28, 2024 and sell it today you would lose (2.00) from holding Beijing Bashi Media or give up 0.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bashi Media vs. Inly Media Co
Performance |
| Timeline |
| Beijing Bashi Media |
| Inly Media |
Beijing Bashi and Inly Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bashi and Inly Media
The main advantage of trading using opposite Beijing Bashi and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bashi position performs unexpectedly, Inly 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 Inly Media will offset losses from the drop in Inly Media's long position.| Beijing Bashi vs. Runjian Communication Co | Beijing Bashi vs. Cowealth Medical China | Beijing Bashi vs. CICT Mobile Communication | Beijing Bashi vs. Hengkang Medical Group |
| Inly Media vs. Eastern Communications Co | Inly Media vs. Shaanxi Meineng Clean | Inly Media vs. Tongyu Communication | Inly Media vs. Jiangxi Hengda Hi Tech |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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