Correlation Between JiShi Media and 5I5j Holding
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By analyzing existing cross correlation between JiShi Media Co and 5I5j Holding Group, you can compare the effects of market volatilities on JiShi Media and 5I5j Holding 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 5I5j Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and 5I5j Holding.
Diversification Opportunities for JiShi Media and 5I5j Holding
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JiShi and 5I5j is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and 5I5j Holding Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 5I5j Holding Group 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 5I5j Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 5I5j Holding Group has no effect on the direction of JiShi Media i.e., JiShi Media and 5I5j Holding go up and down completely randomly.
Pair Corralation between JiShi Media and 5I5j Holding
Assuming the 90 days trading horizon JiShi Media is expected to generate 3.4 times less return on investment than 5I5j Holding. But when comparing it to its historical volatility, JiShi Media Co is 1.14 times less risky than 5I5j Holding. It trades about 0.02 of its potential returns per unit of risk. 5I5j Holding Group is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 206.00 in 5I5j Holding Group on October 14, 2024 and sell it today you would earn a total of 78.00 from holding 5I5j Holding Group or generate 37.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. 5I5j Holding Group
Performance |
| Timeline |
| JiShi Media |
| 5I5j Holding Group |
JiShi Media and 5I5j Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and 5I5j Holding
The main advantage of trading using opposite JiShi Media and 5I5j Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, 5I5j Holding 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 5I5j Holding will offset losses from the drop in 5I5j Holding's long position.| JiShi Media vs. Shengda Mining Co | JiShi Media vs. Eastern Communications Co | JiShi Media vs. Marssenger Kitchenware Co | JiShi Media vs. Wuhan Yangtze Communication |
| 5I5j Holding vs. Heilongjiang Publishing Media | 5I5j Holding vs. Zhengping RoadBridge Constr | 5I5j Holding vs. Threes Company Media | 5I5j Holding vs. JiShi Media 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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