Correlation Between JiShi Media and Beijing YanDong
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By analyzing existing cross correlation between JiShi Media Co and Beijing YanDong MicroElectronic, you can compare the effects of market volatilities on JiShi Media and Beijing YanDong 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 Beijing YanDong. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Beijing YanDong.
Diversification Opportunities for JiShi Media and Beijing YanDong
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JiShi and Beijing is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Beijing YanDong MicroElectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing YanDong Micr 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 Beijing YanDong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing YanDong Micr has no effect on the direction of JiShi Media i.e., JiShi Media and Beijing YanDong go up and down completely randomly.
Pair Corralation between JiShi Media and Beijing YanDong
Assuming the 90 days trading horizon JiShi Media is expected to generate 3.26 times less return on investment than Beijing YanDong. In addition to that, JiShi Media is 1.07 times more volatile than Beijing YanDong MicroElectronic. It trades about 0.01 of its total potential returns per unit of risk. Beijing YanDong MicroElectronic is currently generating about 0.03 per unit of volatility. If you would invest 1,788 in Beijing YanDong MicroElectronic on October 16, 2024 and sell it today you would earn a total of 285.00 from holding Beijing YanDong MicroElectronic or generate 15.94% 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. Beijing YanDong MicroElectroni
Performance |
| Timeline |
| JiShi Media |
| Beijing YanDong Micr |
JiShi Media and Beijing YanDong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Beijing YanDong
The main advantage of trading using opposite JiShi Media and Beijing YanDong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Beijing YanDong 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 Beijing YanDong will offset losses from the drop in Beijing YanDong's long position.| JiShi Media vs. Hangzhou Guotai Environmental | JiShi Media vs. Suzhou Douson Drilling | JiShi Media vs. Jiangsu Financial Leasing | JiShi Media vs. Bohai Leasing Co |
| Beijing YanDong vs. GRG Banking Equipment | Beijing YanDong vs. Beijing Enlight Media | Beijing YanDong vs. JiShi Media Co | Beijing YanDong vs. Jiangsu Financial Leasing |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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