Correlation Between JiShi Media and Malion New
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By analyzing existing cross correlation between JiShi Media Co and Malion New Materials, you can compare the effects of market volatilities on JiShi Media and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Malion New.
Diversification Opportunities for JiShi Media and Malion New
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Malion is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of JiShi Media i.e., JiShi Media and Malion New go up and down completely randomly.
Pair Corralation between JiShi Media and Malion New
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.0 times more return on investment than Malion New. However, JiShi Media Co is 1.0 times less risky than Malion New. It trades about 0.02 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.01 per unit of risk. If you would invest 203.00 in JiShi Media Co on November 19, 2024 and sell it today you would earn a total of 13.00 from holding JiShi Media Co or generate 6.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Malion New Materials
Performance |
| Timeline |
| JiShi Media |
| Malion New Materials |
JiShi Media and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Malion New
The main advantage of trading using opposite JiShi Media and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| JiShi Media vs. Southchip Semiconductor Technology | JiShi Media vs. Yuanjie Semiconductor Technology | JiShi Media vs. Western Metal Materials | JiShi Media vs. Tibet Huayu Mining |
| Malion New vs. Wuxi Xuelang Environmental | Malion New vs. Touchstone International Medical | Malion New vs. GreenTech Environmental Co | Malion New vs. Sino Medical Sciences |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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