Correlation Between JiShi Media and Asia Potash
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By analyzing existing cross correlation between JiShi Media Co and Asia Potash International, you can compare the effects of market volatilities on JiShi Media and Asia Potash 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 Asia Potash. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Asia Potash.
Diversification Opportunities for JiShi Media and Asia Potash
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Asia is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Asia Potash International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Potash International 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 Asia Potash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Potash International has no effect on the direction of JiShi Media i.e., JiShi Media and Asia Potash go up and down completely randomly.
Pair Corralation between JiShi Media and Asia Potash
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.44 times more return on investment than Asia Potash. However, JiShi Media is 1.44 times more volatile than Asia Potash International. It trades about 0.33 of its potential returns per unit of risk. Asia Potash International is currently generating about 0.21 per unit of risk. If you would invest 105.00 in JiShi Media Co on September 12, 2024 and sell it today you would earn a total of 129.00 from holding JiShi Media Co or generate 122.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.28% |
| Values | Daily Returns |
JiShi Media Co vs. Asia Potash International
Performance |
| Timeline |
| JiShi Media |
| Asia Potash International |
JiShi Media and Asia Potash Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Asia Potash
The main advantage of trading using opposite JiShi Media and Asia Potash positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Asia Potash 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 Asia Potash will offset losses from the drop in Asia Potash's long position.| JiShi Media vs. Lutian Machinery Co | JiShi Media vs. PetroChina Co Ltd | JiShi Media vs. Bank of China | JiShi Media vs. China Citic Bank |
| Asia Potash vs. Emdoor Information Co | Asia Potash vs. Sunwave Communications Co | Asia Potash vs. State Grid InformationCommunication | Asia Potash vs. Jilin Jlu Communication |
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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