Correlation Between Thinkingdom Media and Piotech
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By analyzing existing cross correlation between Thinkingdom Media Group and Piotech Inc A, you can compare the effects of market volatilities on Thinkingdom Media and Piotech 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 Piotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Piotech.
Diversification Opportunities for Thinkingdom Media and Piotech
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Thinkingdom and Piotech is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group and Piotech Inc A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Piotech Inc A 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 Piotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Piotech Inc A has no effect on the direction of Thinkingdom Media i.e., Thinkingdom Media and Piotech go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Piotech
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 1.5 times more return on investment than Piotech. However, Thinkingdom Media is 1.5 times more volatile than Piotech Inc A. It trades about 0.02 of its potential returns per unit of risk. Piotech Inc A is currently generating about -0.2 per unit of risk. If you would invest 1,966 in Thinkingdom Media Group on October 27, 2024 and sell it today you would earn a total of 7.00 from holding Thinkingdom Media Group or generate 0.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Thinkingdom Media Group vs. Piotech Inc A
Performance |
| Timeline |
| Thinkingdom Media |
| Piotech Inc A |
Thinkingdom Media and Piotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Piotech
The main advantage of trading using opposite Thinkingdom Media and Piotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media position performs unexpectedly, Piotech 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 Piotech will offset losses from the drop in Piotech's long position.| Thinkingdom Media vs. Zoy Home Furnishing | Thinkingdom Media vs. Nanxing Furniture Machinery | Thinkingdom Media vs. Guangzhou Tinci Materials | Thinkingdom Media vs. China Building Material |
| Piotech vs. Haima Automobile Group | Piotech vs. Runjian Communication Co | Piotech vs. Songz Automobile Air | Piotech vs. Shanghai Yanpu Metal |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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