Correlation Between Jiangsu Yueda and JiShi Media
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By analyzing existing cross correlation between Jiangsu Yueda Investment and JiShi Media Co, you can compare the effects of market volatilities on Jiangsu Yueda 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 Jiangsu Yueda with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yueda and JiShi Media.
Diversification Opportunities for Jiangsu Yueda and JiShi Media
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and JiShi is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yueda Investment and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Jiangsu Yueda 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 Jiangsu Yueda Investment 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 Jiangsu Yueda i.e., Jiangsu Yueda and JiShi Media go up and down completely randomly.
Pair Corralation between Jiangsu Yueda and JiShi Media
Assuming the 90 days trading horizon Jiangsu Yueda Investment is expected to generate 0.57 times more return on investment than JiShi Media. However, Jiangsu Yueda Investment is 1.74 times less risky than JiShi Media. It trades about -0.28 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.46 per unit of risk. If you would invest 488.00 in Jiangsu Yueda Investment on October 14, 2024 and sell it today you would lose (67.00) from holding Jiangsu Yueda Investment or give up 13.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yueda Investment vs. JiShi Media Co
Performance |
| Timeline |
| Jiangsu Yueda Investment |
| JiShi Media |
Jiangsu Yueda and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yueda and JiShi Media
The main advantage of trading using opposite Jiangsu Yueda and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yueda 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.| Jiangsu Yueda vs. Zhonghong Pulin Medical | Jiangsu Yueda vs. Medprin Regenerative Medical | Jiangsu Yueda vs. Quectel Wireless Solutions | Jiangsu Yueda vs. Hengkang Medical Group |
| JiShi Media vs. Shengda Mining Co | JiShi Media vs. Eastern Communications Co | JiShi Media vs. Marssenger Kitchenware Co | JiShi Media vs. Wuhan Yangtze Communication |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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