Correlation Between JiShi Media and Xiamen Bank
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By analyzing existing cross correlation between JiShi Media Co and Xiamen Bank Co, you can compare the effects of market volatilities on JiShi Media and Xiamen Bank 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 Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Xiamen Bank.
Diversification Opportunities for JiShi Media and Xiamen Bank
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JiShi and Xiamen is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank 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 Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of JiShi Media i.e., JiShi Media and Xiamen Bank go up and down completely randomly.
Pair Corralation between JiShi Media and Xiamen Bank
Assuming the 90 days trading horizon JiShi Media is expected to generate 1.91 times less return on investment than Xiamen Bank. In addition to that, JiShi Media is 2.37 times more volatile than Xiamen Bank Co. It trades about 0.01 of its total potential returns per unit of risk. Xiamen Bank Co is currently generating about 0.02 per unit of volatility. If you would invest 490.00 in Xiamen Bank Co on October 28, 2024 and sell it today you would earn a total of 55.00 from holding Xiamen Bank Co or generate 11.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Xiamen Bank Co
Performance |
| Timeline |
| JiShi Media |
| Xiamen Bank |
JiShi Media and Xiamen Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Xiamen Bank
The main advantage of trading using opposite JiShi Media and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.| JiShi Media vs. Allgens Medical Technology | JiShi Media vs. Shandong Intco Medical | JiShi Media vs. XiaMen HongXin Electron tech | JiShi Media vs. Double Medical Technology |
| Xiamen Bank vs. Tianjin Ruixin Technology | Xiamen Bank vs. Olympic Circuit Technology | Xiamen Bank vs. Chongqing Brewery Co | Xiamen Bank vs. iSoftStone Information Technology |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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