Correlation Between JiShi Media and Yes Optoelectronics
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By analyzing existing cross correlation between JiShi Media Co and Yes Optoelectronics Co, you can compare the effects of market volatilities on JiShi Media and Yes Optoelectronics 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 Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Yes Optoelectronics.
Diversification Opportunities for JiShi Media and Yes Optoelectronics
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JiShi and Yes is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics 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 Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of JiShi Media i.e., JiShi Media and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between JiShi Media and Yes Optoelectronics
Assuming the 90 days trading horizon JiShi Media is expected to generate 6.44 times less return on investment than Yes Optoelectronics. But when comparing it to its historical volatility, JiShi Media Co is 1.3 times less risky than Yes Optoelectronics. It trades about 0.01 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,769 in Yes Optoelectronics Co on October 15, 2024 and sell it today you would earn a total of 272.00 from holding Yes Optoelectronics Co or generate 15.38% 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. Yes Optoelectronics Co
Performance |
| Timeline |
| JiShi Media |
| Yes Optoelectronics |
JiShi Media and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Yes Optoelectronics
The main advantage of trading using opposite JiShi Media and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| JiShi Media vs. Shengda Mining Co | JiShi Media vs. Eastern Communications Co | JiShi Media vs. Marssenger Kitchenware Co | JiShi Media vs. Wuhan Yangtze Communication |
| Yes Optoelectronics vs. Sihui Fuji Electronics | Yes Optoelectronics vs. Shengda Mining Co | Yes Optoelectronics vs. Hainan Mining Co | Yes Optoelectronics vs. Integrated Electronic Systems |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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