Correlation Between Chengdu B and JiShi Media
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By analyzing existing cross correlation between Chengdu B ray Media and JiShi Media Co, you can compare the effects of market volatilities on Chengdu B 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 Chengdu B with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and JiShi Media.
Diversification Opportunities for Chengdu B and JiShi Media
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chengdu and JiShi is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media 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 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 Chengdu B i.e., Chengdu B and JiShi Media go up and down completely randomly.
Pair Corralation between Chengdu B and JiShi Media
Assuming the 90 days trading horizon Chengdu B ray Media is expected to under-perform the JiShi Media. But the stock apears to be less risky and, when comparing its historical volatility, Chengdu B ray Media is 1.06 times less risky than JiShi Media. The stock trades about 0.0 of its potential returns per unit of risk. The JiShi Media Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 197.00 in JiShi Media Co on October 16, 2024 and sell it today you would lose (30.00) from holding JiShi Media Co or give up 15.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu B ray Media vs. JiShi Media Co
Performance |
| Timeline |
| Chengdu B ray |
| JiShi Media |
Chengdu B and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and JiShi Media
The main advantage of trading using opposite Chengdu B and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B 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.| Chengdu B vs. Vohringer Home Technology | Chengdu B vs. Arrow Home Group | Chengdu B vs. Zoy Home Furnishing | Chengdu B vs. Oppein Home Group |
| JiShi Media vs. Sichuan Yahua Industrial | JiShi Media vs. Gem Year Industrial Co | JiShi Media vs. Qingdao Choho Industrial | JiShi Media vs. Holitech Technology Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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