Correlation Between JiShi Media and Crown Advanced
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By analyzing existing cross correlation between JiShi Media Co and Crown Advanced Material, you can compare the effects of market volatilities on JiShi Media and Crown Advanced 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 Crown Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Crown Advanced.
Diversification Opportunities for JiShi Media and Crown Advanced
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JiShi and Crown is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Crown Advanced Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crown Advanced Material 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 Crown Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crown Advanced Material has no effect on the direction of JiShi Media i.e., JiShi Media and Crown Advanced go up and down completely randomly.
Pair Corralation between JiShi Media and Crown Advanced
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.16 times more return on investment than Crown Advanced. However, JiShi Media is 1.16 times more volatile than Crown Advanced Material. It trades about -0.12 of its potential returns per unit of risk. Crown Advanced Material is currently generating about -0.26 per unit of risk. If you would invest 196.00 in JiShi Media Co on August 28, 2024 and sell it today you would lose (21.00) from holding JiShi Media Co or give up 10.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Crown Advanced Material
Performance |
| Timeline |
| JiShi Media |
| Crown Advanced Material |
JiShi Media and Crown Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Crown Advanced
The main advantage of trading using opposite JiShi Media and Crown Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Crown Advanced 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 Crown Advanced will offset losses from the drop in Crown Advanced's long position.| JiShi Media vs. Sunwave Communications Co | JiShi Media vs. Zhangjiagang Freetrade Science | JiShi Media vs. China Nonferrous Metal | JiShi Media vs. Haima Automobile Group |
| Crown Advanced vs. Zijin Mining Group | Crown Advanced vs. Wanhua Chemical Group | Crown Advanced vs. Baoshan Iron Steel | Crown Advanced vs. Shandong Gold Mining |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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