Correlation Between Chengdu B and Dook Media
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By analyzing existing cross correlation between Chengdu B ray Media and Dook Media Group, you can compare the effects of market volatilities on Chengdu B and Dook 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 Chengdu B with a short position of Dook Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and Dook Media.
Diversification Opportunities for Chengdu B and Dook Media
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chengdu and Dook is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media and Dook Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dook Media Group and Chengdu B 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 Chengdu B ray Media are associated (or correlated) with Dook Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dook Media Group has no effect on the direction of Chengdu B i.e., Chengdu B and Dook Media go up and down completely randomly.
Pair Corralation between Chengdu B and Dook Media
Assuming the 90 days trading horizon Chengdu B ray Media is expected to generate 0.81 times more return on investment than Dook Media. However, Chengdu B ray Media is 1.23 times less risky than Dook Media. It trades about 0.23 of its potential returns per unit of risk. Dook Media Group is currently generating about 0.13 per unit of risk. If you would invest 448.00 in Chengdu B ray Media on September 4, 2024 and sell it today you would earn a total of 61.00 from holding Chengdu B ray Media or generate 13.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu B ray Media vs. Dook Media Group
Performance |
| Timeline |
| Chengdu B ray |
| Dook Media Group |
Chengdu B and Dook Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and Dook Media
The main advantage of trading using opposite Chengdu B and Dook Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B position performs unexpectedly, Dook 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 Dook Media will offset losses from the drop in Dook Media's long position.| Chengdu B vs. Aofu Environmental Technology | Chengdu B vs. GreenTech Environmental Co | Chengdu B vs. Cofoe Medical Technology | Chengdu B vs. Cowealth Medical China |
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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