Correlation Between JiShi Media and RoadMain T
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By analyzing existing cross correlation between JiShi Media Co and RoadMain T Co, you can compare the effects of market volatilities on JiShi Media and RoadMain T 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 RoadMain T. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and RoadMain T.
Diversification Opportunities for JiShi Media and RoadMain T
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JiShi and RoadMain is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and RoadMain T Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RoadMain T 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 RoadMain T. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RoadMain T has no effect on the direction of JiShi Media i.e., JiShi Media and RoadMain T go up and down completely randomly.
Pair Corralation between JiShi Media and RoadMain T
Assuming the 90 days trading horizon JiShi Media is expected to generate 4.56 times less return on investment than RoadMain T. But when comparing it to its historical volatility, JiShi Media Co is 1.09 times less risky than RoadMain T. It trades about 0.01 of its potential returns per unit of risk. RoadMain T Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,488 in RoadMain T Co on October 16, 2024 and sell it today you would earn a total of 214.00 from holding RoadMain T Co or generate 8.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. RoadMain T Co
Performance |
| Timeline |
| JiShi Media |
| RoadMain T |
JiShi Media and RoadMain T Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and RoadMain T
The main advantage of trading using opposite JiShi Media and RoadMain T positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, RoadMain T 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 RoadMain T will offset losses from the drop in RoadMain T'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 |
| RoadMain T vs. JiShi Media Co | RoadMain T vs. Nantong Haixing Electronics | RoadMain T vs. Peoples Insurance of | RoadMain T vs. Huayi Brothers Media |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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