Correlation Between JiShi Media and Tongding Interconnection
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By analyzing existing cross correlation between JiShi Media Co and Tongding Interconnection Information, you can compare the effects of market volatilities on JiShi Media and Tongding Interconnection 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 Tongding Interconnection. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Tongding Interconnection.
Diversification Opportunities for JiShi Media and Tongding Interconnection
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Tongding is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Tongding Interconnection Infor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tongding Interconnection 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 Tongding Interconnection. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tongding Interconnection has no effect on the direction of JiShi Media i.e., JiShi Media and Tongding Interconnection go up and down completely randomly.
Pair Corralation between JiShi Media and Tongding Interconnection
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.06 times more return on investment than Tongding Interconnection. However, JiShi Media is 1.06 times more volatile than Tongding Interconnection Information. It trades about 0.01 of its potential returns per unit of risk. Tongding Interconnection Information is currently generating about 0.01 per unit of risk. If you would invest 197.00 in JiShi Media Co on October 16, 2024 and sell it today you would lose (30.00) from holding JiShi Media Co or give up 15.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Tongding Interconnection Infor
Performance |
| Timeline |
| JiShi Media |
| Tongding Interconnection |
JiShi Media and Tongding Interconnection Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Tongding Interconnection
The main advantage of trading using opposite JiShi Media and Tongding Interconnection positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Tongding Interconnection 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 Tongding Interconnection will offset losses from the drop in Tongding Interconnection'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 |
| Tongding Interconnection vs. JiShi Media Co | Tongding Interconnection vs. Guangzhou Jinyi Media | Tongding Interconnection vs. Omnijoi Media Corp | Tongding Interconnection vs. Ciwen Media Co |
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