Correlation Between JiShi Media and Tongyu Communication
Specify exactly 2 symbols:
By analyzing existing cross correlation between JiShi Media Co and Tongyu Communication, you can compare the effects of market volatilities on JiShi Media and Tongyu Communication 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 Tongyu Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Tongyu Communication.
Diversification Opportunities for JiShi Media and Tongyu Communication
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JiShi and Tongyu is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Tongyu Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tongyu Communication 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 Tongyu Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tongyu Communication has no effect on the direction of JiShi Media i.e., JiShi Media and Tongyu Communication go up and down completely randomly.
Pair Corralation between JiShi Media and Tongyu Communication
Assuming the 90 days trading horizon JiShi Media is expected to generate 13.16 times less return on investment than Tongyu Communication. In addition to that, JiShi Media is 1.05 times more volatile than Tongyu Communication. It trades about 0.0 of its total potential returns per unit of risk. Tongyu Communication is currently generating about 0.03 per unit of volatility. If you would invest 1,225 in Tongyu Communication on October 16, 2024 and sell it today you would earn a total of 134.00 from holding Tongyu Communication or generate 10.94% 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. Tongyu Communication
Performance |
| Timeline |
| JiShi Media |
| Tongyu Communication |
JiShi Media and Tongyu Communication Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Tongyu Communication
The main advantage of trading using opposite JiShi Media and Tongyu Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Tongyu Communication 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 Tongyu Communication will offset losses from the drop in Tongyu Communication'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 |
| Tongyu Communication vs. Guangdong Jingyi Metal | Tongyu Communication vs. Chengtun Mining Group | Tongyu Communication vs. Western Metal Materials | Tongyu Communication vs. Shanghai Broadband Technology |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |