Correlation Between Gem Year and JiShi Media
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By analyzing existing cross correlation between Gem Year Industrial Co and JiShi Media Co, you can compare the effects of market volatilities on Gem Year 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 Gem Year with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gem Year and JiShi Media.
Diversification Opportunities for Gem Year and JiShi Media
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Gem and JiShi is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Gem Year Industrial Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Gem Year 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 Gem Year Industrial Co 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 Gem Year i.e., Gem Year and JiShi Media go up and down completely randomly.
Pair Corralation between Gem Year and JiShi Media
Assuming the 90 days trading horizon Gem Year is expected to generate 12.14 times less return on investment than JiShi Media. But when comparing it to its historical volatility, Gem Year Industrial Co is 1.46 times less risky than JiShi Media. It trades about 0.0 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 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 |
Gem Year Industrial Co vs. JiShi Media Co
Performance |
| Timeline |
| Gem Year Industrial |
| JiShi Media |
Gem Year and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gem Year and JiShi Media
The main advantage of trading using opposite Gem Year and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gem Year 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.| Gem Year vs. Guotai Epoint Software | Gem Year vs. Chongqing Sulian Plastic | Gem Year vs. GRIPM Advanced Materials | Gem Year vs. Jiangsu Hoperun Software |
| 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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