Correlation Between Thinkingdom Media and Yunnan Xiyi
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By analyzing existing cross correlation between Thinkingdom Media Group and Yunnan Xiyi Industrial, you can compare the effects of market volatilities on Thinkingdom Media and Yunnan Xiyi 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 Yunnan Xiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Yunnan Xiyi.
Diversification Opportunities for Thinkingdom Media and Yunnan Xiyi
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Thinkingdom and Yunnan is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and Yunnan Xiyi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Xiyi Industrial 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 Yunnan Xiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Xiyi Industrial has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and Yunnan Xiyi go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Yunnan Xiyi
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 1.05 times more return on investment than Yunnan Xiyi. However, Thinkingdom Media is 1.05 times more volatile than Yunnan Xiyi Industrial. It trades about 0.03 of its potential returns per unit of risk. Yunnan Xiyi Industrial is currently generating about 0.0 per unit of risk. If you would invest 1,910 in Thinkingdom Media Group on September 4, 2024 and sell it today you would earn a total of 390.00 from holding Thinkingdom Media Group or generate 20.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. Yunnan Xiyi Industrial
Performance |
| Timeline |
| Thinkingdom Media |
| Yunnan Xiyi Industrial |
Thinkingdom Media and Yunnan Xiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Yunnan Xiyi
The main advantage of trading using opposite Thinkingdom Media and Yunnan Xiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, Yunnan Xiyi 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 Yunnan Xiyi will offset losses from the drop in Yunnan Xiyi's long position.| Thinkingdom Media vs. JuneYao Dairy Co | Thinkingdom Media vs. Zhangjiagang Freetrade Science | Thinkingdom Media vs. Yunnan Xiyi Industrial | Thinkingdom Media vs. Great Sun Foods Co |
| Yunnan Xiyi vs. Cultural Investment Holdings | Yunnan Xiyi vs. Gome Telecom Equipment | Yunnan Xiyi vs. Bus Online Co | Yunnan Xiyi vs. Holitech Technology Co |
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 Stocks Directory module to find actively traded stocks across global markets.
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