Correlation Between Industrial and JiShi Media
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By analyzing existing cross correlation between Industrial and Commercial and JiShi Media Co, you can compare the effects of market volatilities on Industrial 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 Industrial with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and JiShi Media.
Diversification Opportunities for Industrial and JiShi Media
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Industrial and JiShi is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Industrial 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 Industrial and Commercial 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 Industrial i.e., Industrial and JiShi Media go up and down completely randomly.
Pair Corralation between Industrial and JiShi Media
Assuming the 90 days trading horizon Industrial and Commercial is expected to generate 0.25 times more return on investment than JiShi Media. However, Industrial and Commercial is 4.01 times less risky than JiShi Media. It trades about 0.07 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.12 per unit of risk. If you would invest 607.00 in Industrial and Commercial on August 29, 2024 and sell it today you would earn a total of 9.00 from holding Industrial and Commercial or generate 1.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. JiShi Media Co
Performance |
| Timeline |
| Industrial and Commercial |
| JiShi Media |
Industrial and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and JiShi Media
The main advantage of trading using opposite Industrial and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial 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.| Industrial vs. Allwin Telecommunication Co | Industrial vs. SUNSEA Telecommunications Co | Industrial vs. Guangzhou Haige Communications | Industrial vs. Nanjing Putian Telecommunications |
| JiShi Media vs. Sunwave Communications Co | JiShi Media vs. Zhangjiagang Freetrade Science | JiShi Media vs. China Nonferrous Metal | JiShi Media vs. Haima Automobile Group |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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