Correlation Between JiShi Media and Tieling Newcity
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By analyzing existing cross correlation between JiShi Media Co and Tieling Newcity Investment, you can compare the effects of market volatilities on JiShi Media and Tieling Newcity 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 Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Tieling Newcity.
Diversification Opportunities for JiShi Media and Tieling Newcity
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Tieling is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve 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 Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of JiShi Media i.e., JiShi Media and Tieling Newcity go up and down completely randomly.
Pair Corralation between JiShi Media and Tieling Newcity
Assuming the 90 days trading horizon JiShi Media is expected to generate 8.16 times less return on investment than Tieling Newcity. In addition to that, JiShi Media is 1.21 times more volatile than Tieling Newcity Investment. It trades about 0.0 of its total potential returns per unit of risk. Tieling Newcity Investment is currently generating about 0.02 per unit of volatility. If you would invest 304.00 in Tieling Newcity Investment on October 16, 2024 and sell it today you would earn a total of 12.00 from holding Tieling Newcity Investment or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Tieling Newcity Investment
Performance |
| Timeline |
| JiShi Media |
| Tieling Newcity Inve |
JiShi Media and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Tieling Newcity
The main advantage of trading using opposite JiShi Media and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| 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 |
| Tieling Newcity vs. JiShi Media Co | Tieling Newcity vs. Kontour Medical Technology | Tieling Newcity vs. Anhui Xinhua Media | Tieling Newcity vs. Xiangyu Medical 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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