Correlation Between Thinkingdom Media and Jiangsu Yueda
Specify exactly 2 symbols:
By analyzing existing cross correlation between Thinkingdom Media Group and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Thinkingdom Media and Jiangsu Yueda 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 Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Jiangsu Yueda.
Diversification Opportunities for Thinkingdom Media and Jiangsu Yueda
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Thinkingdom and Jiangsu is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment 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 Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Jiangsu Yueda
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 1.2 times more return on investment than Jiangsu Yueda. However, Thinkingdom Media is 1.2 times more volatile than Jiangsu Yueda Investment. It trades about 0.08 of its potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.06 per unit of risk. If you would invest 1,590 in Thinkingdom Media Group on November 3, 2024 and sell it today you would earn a total of 390.00 from holding Thinkingdom Media Group or generate 24.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Thinkingdom Media |
| Jiangsu Yueda Investment |
Thinkingdom Media and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Jiangsu Yueda
The main advantage of trading using opposite Thinkingdom Media and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, Jiangsu Yueda 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 Jiangsu Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Thinkingdom Media vs. Guangzhou Jinyi Media | Thinkingdom Media vs. Simei Media Co | Thinkingdom Media vs. Threes Company Media | Thinkingdom Media vs. China Publishing Media |
| Jiangsu Yueda vs. Industrial and Commercial | Jiangsu Yueda vs. Kweichow Moutai Co | Jiangsu Yueda vs. Agricultural Bank of | Jiangsu Yueda vs. China Mobile Limited |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |