Correlation Between JiShi Media and Hangzhou Gisway
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By analyzing existing cross correlation between JiShi Media Co and Hangzhou Gisway Information, you can compare the effects of market volatilities on JiShi Media and Hangzhou Gisway 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 Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Hangzhou Gisway.
Diversification Opportunities for JiShi Media and Hangzhou Gisway
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JiShi and Hangzhou is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info 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 Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of JiShi Media i.e., JiShi Media and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between JiShi Media and Hangzhou Gisway
Assuming the 90 days trading horizon JiShi Media Co is expected to under-perform the Hangzhou Gisway. In addition to that, JiShi Media is 1.03 times more volatile than Hangzhou Gisway Information. It trades about -0.21 of its total potential returns per unit of risk. Hangzhou Gisway Information is currently generating about -0.11 per unit of volatility. If you would invest 3,350 in Hangzhou Gisway Information on November 3, 2024 and sell it today you would lose (240.00) from holding Hangzhou Gisway Information or give up 7.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Hangzhou Gisway Information
Performance |
| Timeline |
| JiShi Media |
| Hangzhou Gisway Info |
JiShi Media and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Hangzhou Gisway
The main advantage of trading using opposite JiShi Media and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| JiShi Media vs. Industrial and Commercial | JiShi Media vs. China Construction Bank | JiShi Media vs. Bank of China | JiShi Media vs. Agricultural Bank of |
| Hangzhou Gisway vs. China State Construction | Hangzhou Gisway vs. Poly Real Estate | Hangzhou Gisway vs. China Vanke Co | Hangzhou Gisway vs. China Merchants Shekou |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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