Correlation Between JiShi Media and Advanced Technology
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By analyzing existing cross correlation between JiShi Media Co and Advanced Technology Materials, you can compare the effects of market volatilities on JiShi Media and Advanced Technology 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 Advanced Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Advanced Technology.
Diversification Opportunities for JiShi Media and Advanced Technology
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JiShi and Advanced is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Advanced Technology Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Advanced Technology 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 Advanced Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Advanced Technology has no effect on the direction of JiShi Media i.e., JiShi Media and Advanced Technology go up and down completely randomly.
Pair Corralation between JiShi Media and Advanced Technology
Assuming the 90 days trading horizon JiShi Media is expected to generate 6.49 times less return on investment than Advanced Technology. In addition to that, JiShi Media is 1.16 times more volatile than Advanced Technology Materials. It trades about 0.04 of its total potential returns per unit of risk. Advanced Technology Materials is currently generating about 0.33 per unit of volatility. If you would invest 1,026 in Advanced Technology Materials on August 25, 2024 and sell it today you would earn a total of 289.00 from holding Advanced Technology Materials or generate 28.17% 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. Advanced Technology Materials
Performance |
| Timeline |
| JiShi Media |
| Advanced Technology |
JiShi Media and Advanced Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Advanced Technology
The main advantage of trading using opposite JiShi Media and Advanced Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Advanced Technology 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 Advanced Technology will offset losses from the drop in Advanced Technology's long position.| JiShi Media vs. Industrial and Commercial | JiShi Media vs. Agricultural Bank of | JiShi Media vs. China Construction Bank | JiShi Media vs. Bank of China |
| Advanced Technology vs. Zijin Mining Group | Advanced Technology vs. Wanhua Chemical Group | Advanced Technology vs. Shandong Gold Mining | Advanced Technology vs. Inner Mongolia BaoTou |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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