Correlation Between JiShi Media and Fujian Boss
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By analyzing existing cross correlation between JiShi Media Co and Fujian Boss Software, you can compare the effects of market volatilities on JiShi Media and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Fujian Boss.
Diversification Opportunities for JiShi Media and Fujian Boss
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JiShi and Fujian is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of JiShi Media i.e., JiShi Media and Fujian Boss go up and down completely randomly.
Pair Corralation between JiShi Media and Fujian Boss
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.01 times more return on investment than Fujian Boss. However, JiShi Media is 1.01 times more volatile than Fujian Boss Software. It trades about 0.2 of its potential returns per unit of risk. Fujian Boss Software is currently generating about 0.12 per unit of risk. If you would invest 177.00 in JiShi Media Co on September 5, 2024 and sell it today you would earn a total of 30.00 from holding JiShi Media Co or generate 16.95% 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. Fujian Boss Software
Performance |
| Timeline |
| JiShi Media |
| Fujian Boss Software |
JiShi Media and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Fujian Boss
The main advantage of trading using opposite JiShi Media and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' long position.| JiShi Media vs. PetroChina Co Ltd | JiShi Media vs. China Mobile Limited | JiShi Media vs. CNOOC Limited | JiShi Media vs. Ping An Insurance |
| Fujian Boss vs. Guangdong Jinma Entertainment | Fujian Boss vs. Hainan Mining Co | Fujian Boss vs. JiShi Media Co | Fujian Boss vs. Ye Chiu Metal |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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