Correlation Between Thinkingdom Media and Henan Shuanghui
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By analyzing existing cross correlation between Thinkingdom Media Group and Henan Shuanghui Investment, you can compare the effects of market volatilities on Thinkingdom Media and Henan Shuanghui 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 Thinkingdom Media with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Henan Shuanghui.
Diversification Opportunities for Thinkingdom Media and Henan Shuanghui
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Thinkingdom and Henan is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Thinkingdom 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 Thinkingdom Media Group are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Henan Shuanghui
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to under-perform the Henan Shuanghui. In addition to that, Thinkingdom Media is 3.12 times more volatile than Henan Shuanghui Investment. It trades about -0.02 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about -0.01 per unit of volatility. If you would invest 2,575 in Henan Shuanghui Investment on October 12, 2024 and sell it today you would lose (11.00) from holding Henan Shuanghui Investment or give up 0.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Thinkingdom Media |
| Henan Shuanghui Inve |
Thinkingdom Media and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Henan Shuanghui
The main advantage of trading using opposite Thinkingdom Media and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Thinkingdom Media vs. Bohai Leasing Co | Thinkingdom Media vs. Chongqing Brewery Co | Thinkingdom Media vs. Jiangsu Financial Leasing | Thinkingdom Media vs. China Reform Health |
| Henan Shuanghui vs. Konfoong Materials International | Henan Shuanghui vs. Suzhou Xingye Material | Henan Shuanghui vs. Sportsoul Co Ltd | Henan Shuanghui vs. Thinkingdom Media Group |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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