Correlation Between JiShi Media and Chengdu B
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By analyzing existing cross correlation between JiShi Media Co and Chengdu B ray Media, you can compare the effects of market volatilities on JiShi Media and Chengdu B 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 Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Chengdu B.
Diversification Opportunities for JiShi Media and Chengdu B
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Chengdu is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of JiShi Media i.e., JiShi Media and Chengdu B go up and down completely randomly.
Pair Corralation between JiShi Media and Chengdu B
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.17 times more return on investment than Chengdu B. However, JiShi Media is 1.17 times more volatile than Chengdu B ray Media. It trades about 0.0 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about -0.01 per unit of risk. If you would invest 199.00 in JiShi Media Co on October 16, 2024 and sell it today you would lose (32.00) from holding JiShi Media Co or give up 16.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Chengdu B ray Media
Performance |
| Timeline |
| JiShi Media |
| Chengdu B ray |
JiShi Media and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Chengdu B
The main advantage of trading using opposite JiShi Media and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B'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 |
| Chengdu B vs. Vohringer Home Technology | Chengdu B vs. Arrow Home Group | Chengdu B vs. Zoy Home Furnishing | Chengdu B vs. Oppein Home Group |
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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