Correlation Between JiShi Media and Jiangsu Broadcasting
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By analyzing existing cross correlation between JiShi Media Co and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on JiShi Media and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Jiangsu Broadcasting.
Diversification Opportunities for JiShi Media and Jiangsu Broadcasting
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JiShi and Jiangsu is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of JiShi Media i.e., JiShi Media and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between JiShi Media and Jiangsu Broadcasting
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.54 times more return on investment than Jiangsu Broadcasting. However, JiShi Media is 1.54 times more volatile than Jiangsu Broadcasting Cable. It trades about 0.3 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about 0.22 per unit of risk. If you would invest 192.00 in JiShi Media Co on September 13, 2024 and sell it today you would earn a total of 62.00 from holding JiShi Media Co or generate 32.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
JiShi Media Co vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| JiShi Media |
| Jiangsu Broadcasting |
JiShi Media and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Jiangsu Broadcasting
The main advantage of trading using opposite JiShi Media and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| JiShi Media vs. Ningbo MedicalSystem Biotechnology | JiShi Media vs. Jiangsu GDK Biotechnology | JiShi Media vs. Changchun BCHT Biotechnology | JiShi Media vs. Postal Savings Bank |
| Jiangsu Broadcasting vs. BYD Co Ltd | Jiangsu Broadcasting vs. China Mobile Limited | Jiangsu Broadcasting vs. Agricultural Bank of | Jiangsu Broadcasting vs. Industrial and Commercial |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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