Correlation Between Thinkingdom Media and Peoples Insurance
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By analyzing existing cross correlation between Thinkingdom Media Group and Peoples Insurance of, you can compare the effects of market volatilities on Thinkingdom Media and Peoples Insurance 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 Peoples Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Peoples Insurance.
Diversification Opportunities for Thinkingdom Media and Peoples Insurance
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Thinkingdom and Peoples is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and Peoples Insurance of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples Insurance 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 Peoples Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Insurance has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and Peoples Insurance go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Peoples Insurance
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 1.53 times more return on investment than Peoples Insurance. However, Thinkingdom Media is 1.53 times more volatile than Peoples Insurance of. It trades about 0.05 of its potential returns per unit of risk. Peoples Insurance of is currently generating about 0.06 per unit of risk. If you would invest 1,517 in Thinkingdom Media Group on December 11, 2024 and sell it today you would earn a total of 393.00 from holding Thinkingdom Media Group or generate 25.91% 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. Peoples Insurance of
Performance |
| Timeline |
| Thinkingdom Media |
| Peoples Insurance |
Thinkingdom Media and Peoples Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Peoples Insurance
The main advantage of trading using opposite Thinkingdom Media and Peoples Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, Peoples Insurance 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 Peoples Insurance will offset losses from the drop in Peoples Insurance's long position.| Thinkingdom Media vs. Shuhua Sports 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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