Correlation Between Thinkingdom Media and Success Electronics
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By analyzing existing cross correlation between Thinkingdom Media Group and Success Electronics, you can compare the effects of market volatilities on Thinkingdom Media and Success Electronics 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 Success Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Success Electronics.
Diversification Opportunities for Thinkingdom Media and Success Electronics
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thinkingdom and Success is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and Success Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Success Electronics 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 Success Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Success Electronics has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and Success Electronics go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Success Electronics
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 0.9 times more return on investment than Success Electronics. However, Thinkingdom Media Group is 1.11 times less risky than Success Electronics. It trades about 0.02 of its potential returns per unit of risk. Success Electronics is currently generating about -0.03 per unit of risk. If you would invest 1,937 in Thinkingdom Media Group on September 3, 2024 and sell it today you would earn a total of 299.00 from holding Thinkingdom Media Group or generate 15.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. Success Electronics
Performance |
| Timeline |
| Thinkingdom Media |
| Success Electronics |
Thinkingdom Media and Success Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Success Electronics
The main advantage of trading using opposite Thinkingdom Media and Success Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, Success Electronics 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 Success Electronics will offset losses from the drop in Success Electronics' long position.| Thinkingdom Media vs. Gansu Jiu Steel | Thinkingdom Media vs. Ming Yang Smart | Thinkingdom Media vs. Aba Chemicals Corp | Thinkingdom Media vs. Loctek Ergonomic Technology |
| Success Electronics vs. Agricultural Bank of | Success Electronics vs. China Construction Bank | Success Electronics vs. Postal Savings Bank | Success Electronics vs. Bank of Communications |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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