Correlation Between JiShi Media and Runjian Communication
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By analyzing existing cross correlation between JiShi Media Co and Runjian Communication Co, you can compare the effects of market volatilities on JiShi Media and Runjian 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 Runjian Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Runjian Communication.
Diversification Opportunities for JiShi Media and Runjian Communication
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JiShi and Runjian is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Runjian Communication Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Runjian 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 Runjian Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Runjian Communication has no effect on the direction of JiShi Media i.e., JiShi Media and Runjian Communication go up and down completely randomly.
Pair Corralation between JiShi Media and Runjian Communication
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.01 times more return on investment than Runjian Communication. However, JiShi Media is 1.01 times more volatile than Runjian Communication Co. It trades about 0.01 of its potential returns per unit of risk. Runjian Communication Co 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Runjian Communication Co
Performance |
| Timeline |
| JiShi Media |
| Runjian Communication |
JiShi Media and Runjian Communication Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Runjian Communication
The main advantage of trading using opposite JiShi Media and Runjian Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Runjian 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 Runjian Communication will offset losses from the drop in Runjian 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 |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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