Correlation Between Ningbo Fujia and JiShi Media
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By analyzing existing cross correlation between Ningbo Fujia Industrial and JiShi Media Co, you can compare the effects of market volatilities on Ningbo Fujia and JiShi Media 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 Ningbo Fujia with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Fujia and JiShi Media.
Diversification Opportunities for Ningbo Fujia and JiShi Media
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and JiShi is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Fujia Industrial and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Ningbo Fujia 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 Ningbo Fujia Industrial are associated (or correlated) with JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of Ningbo Fujia i.e., Ningbo Fujia and JiShi Media go up and down completely randomly.
Pair Corralation between Ningbo Fujia and JiShi Media
Assuming the 90 days trading horizon Ningbo Fujia Industrial is expected to generate 0.8 times more return on investment than JiShi Media. However, Ningbo Fujia Industrial is 1.26 times less risky than JiShi Media. It trades about -0.03 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.46 per unit of risk. If you would invest 1,420 in Ningbo Fujia Industrial on October 14, 2024 and sell it today you would lose (43.00) from holding Ningbo Fujia Industrial or give up 3.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Fujia Industrial vs. JiShi Media Co
Performance |
| Timeline |
| Ningbo Fujia Industrial |
| JiShi Media |
Ningbo Fujia and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Fujia and JiShi Media
The main advantage of trading using opposite Ningbo Fujia and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Fujia position performs unexpectedly, JiShi Media 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 JiShi Media will offset losses from the drop in JiShi Media's long position.| Ningbo Fujia vs. Shuhua Sports Co | Ningbo Fujia vs. Ningbo Homelink Eco iTech | Ningbo Fujia vs. Hunan Mendale Hometextile | Ningbo Fujia vs. Shandong Homey Aquatic |
| JiShi Media vs. Shengda Mining Co | JiShi Media vs. Eastern Communications Co | JiShi Media vs. Marssenger Kitchenware Co | JiShi Media vs. Wuhan Yangtze Communication |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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