Correlation Between China Publishing and Thinkingdom Media
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By analyzing existing cross correlation between China Publishing Media and Thinkingdom Media Group, you can compare the effects of market volatilities on China Publishing and Thinkingdom Media 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 China Publishing with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Thinkingdom Media.
Diversification Opportunities for China Publishing and Thinkingdom Media
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and Thinkingdom is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and China Publishing 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 China Publishing Media are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of China Publishing i.e., China Publishing and Thinkingdom Media go up and down completely randomly.
Pair Corralation between China Publishing and Thinkingdom Media
Assuming the 90 days trading horizon China Publishing Media is expected to under-perform the Thinkingdom Media. But the stock apears to be less risky and, when comparing its historical volatility, China Publishing Media is 1.66 times less risky than Thinkingdom Media. The stock trades about -0.28 of its potential returns per unit of risk. The Thinkingdom Media Group is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,891 in Thinkingdom Media Group on October 23, 2024 and sell it today you would earn a total of 92.00 from holding Thinkingdom Media Group or generate 4.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Thinkingdom Media Group
Performance |
| Timeline |
| China Publishing Media |
| Thinkingdom Media |
China Publishing and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Thinkingdom Media
The main advantage of trading using opposite China Publishing and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| China Publishing vs. ZJBC Information Technology | China Publishing vs. Jinxiandai Information Industry | China Publishing vs. CITIC Guoan Information | China Publishing vs. Emdoor Information Co |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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