Correlation Between Thinkingdom Media and JuneYao Dairy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Thinkingdom Media Group and JuneYao Dairy Co, you can compare the effects of market volatilities on Thinkingdom Media and JuneYao Dairy 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 JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and JuneYao Dairy.
Diversification Opportunities for Thinkingdom Media and JuneYao Dairy
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Thinkingdom and JuneYao is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy 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 JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Thinkingdom Media and JuneYao Dairy
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 0.85 times more return on investment than JuneYao Dairy. However, Thinkingdom Media Group is 1.17 times less risky than JuneYao Dairy. It trades about 0.02 of its potential returns per unit of risk. JuneYao Dairy Co is currently generating about -0.05 per unit of risk. If you would invest 2,118 in Thinkingdom Media Group on September 4, 2024 and sell it today you would earn a total of 143.00 from holding Thinkingdom Media Group or generate 6.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. JuneYao Dairy Co
Performance |
| Timeline |
| Thinkingdom Media |
| JuneYao Dairy |
Thinkingdom Media and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and JuneYao Dairy
The main advantage of trading using opposite Thinkingdom Media and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy'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 |
| JuneYao Dairy vs. China Mobile Limited | JuneYao Dairy vs. Agricultural Bank of | JuneYao Dairy vs. Industrial and Commercial | JuneYao Dairy vs. China State Construction |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |