Correlation Between Hoshine Silicon and Ciwen Media
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By analyzing existing cross correlation between Hoshine Silicon Ind and Ciwen Media Co, you can compare the effects of market volatilities on Hoshine Silicon and Ciwen 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 Hoshine Silicon with a short position of Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Ciwen Media.
Diversification Opportunities for Hoshine Silicon and Ciwen Media
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hoshine and Ciwen is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media and Hoshine Silicon 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 Hoshine Silicon Ind are associated (or correlated) with Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Ciwen Media go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Ciwen Media
Assuming the 90 days trading horizon Hoshine Silicon Ind is expected to under-perform the Ciwen Media. But the stock apears to be less risky and, when comparing its historical volatility, Hoshine Silicon Ind is 2.44 times less risky than Ciwen Media. The stock trades about -0.12 of its potential returns per unit of risk. The Ciwen Media Co is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 748.00 in Ciwen Media Co on September 12, 2024 and sell it today you would earn a total of 52.00 from holding Ciwen Media Co or generate 6.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Ciwen Media Co
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Ciwen Media |
Hoshine Silicon and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Ciwen Media
The main advantage of trading using opposite Hoshine Silicon and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Ciwen 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| Hoshine Silicon vs. Zijin Mining Group | Hoshine Silicon vs. Wanhua Chemical Group | Hoshine Silicon vs. Baoshan Iron Steel | Hoshine Silicon vs. Rongsheng Petrochemical Co |
| Ciwen Media vs. Kunshan Guoli Electronic | Ciwen Media vs. Epoxy Base Electronic | Ciwen Media vs. Ningbo Jianan Electronics | Ciwen Media vs. Zhejiang JIULI Hi tech |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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