Correlation Between JiShi Media and Central Plains
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By analyzing existing cross correlation between JiShi Media Co and Central Plains Environment, you can compare the effects of market volatilities on JiShi Media and Central Plains 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 JiShi Media with a short position of Central Plains. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Central Plains.
Diversification Opportunities for JiShi Media and Central Plains
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JiShi and Central is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Central Plains Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Central Plains Envir and JiShi Media 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 JiShi Media Co are associated (or correlated) with Central Plains. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Central Plains Envir has no effect on the direction of JiShi Media i.e., JiShi Media and Central Plains go up and down completely randomly.
Pair Corralation between JiShi Media and Central Plains
Assuming the 90 days trading horizon JiShi Media is expected to generate 1.22 times less return on investment than Central Plains. In addition to that, JiShi Media is 1.89 times more volatile than Central Plains Environment. It trades about 0.04 of its total potential returns per unit of risk. Central Plains Environment is currently generating about 0.1 per unit of volatility. If you would invest 840.00 in Central Plains Environment on August 25, 2024 and sell it today you would earn a total of 38.00 from holding Central Plains Environment or generate 4.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Central Plains Environment
Performance |
| Timeline |
| JiShi Media |
| Central Plains Envir |
JiShi Media and Central Plains Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Central Plains
The main advantage of trading using opposite JiShi Media and Central Plains positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Central Plains 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 Central Plains will offset losses from the drop in Central Plains' long position.| JiShi Media vs. Chengdu Kanghua Biological | JiShi Media vs. Beijing Wantai Biological | JiShi Media vs. Suzhou Novoprotein Scientific | JiShi Media vs. Aluminum Corp of |
| Central Plains vs. China Petroleum Chemical | Central Plains vs. PetroChina Co Ltd | Central Plains vs. China State Construction | Central Plains vs. China Railway 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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