Correlation Between Inly Media and Hongrun Construction
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By analyzing existing cross correlation between Inly Media Co and Hongrun Construction Group, you can compare the effects of market volatilities on Inly Media and Hongrun Construction 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 Inly Media with a short position of Hongrun Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Hongrun Construction.
Diversification Opportunities for Inly Media and Hongrun Construction
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Inly and Hongrun is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Hongrun Construction Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hongrun Construction and Inly 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 Inly Media Co are associated (or correlated) with Hongrun Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hongrun Construction has no effect on the direction of Inly Media i.e., Inly Media and Hongrun Construction go up and down completely randomly.
Pair Corralation between Inly Media and Hongrun Construction
Assuming the 90 days trading horizon Inly Media Co is expected to generate 1.94 times more return on investment than Hongrun Construction. However, Inly Media is 1.94 times more volatile than Hongrun Construction Group. It trades about 0.06 of its potential returns per unit of risk. Hongrun Construction Group is currently generating about 0.01 per unit of risk. If you would invest 852.00 in Inly Media Co on September 12, 2024 and sell it today you would earn a total of 961.00 from holding Inly Media Co or generate 112.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inly Media Co vs. Hongrun Construction Group
Performance |
| Timeline |
| Inly Media |
| Hongrun Construction |
Inly Media and Hongrun Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Hongrun Construction
The main advantage of trading using opposite Inly Media and Hongrun Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Hongrun Construction 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 Hongrun Construction will offset losses from the drop in Hongrun Construction's long position.| Inly Media vs. Kweichow Moutai Co | Inly Media vs. Shenzhen Mindray Bio Medical | Inly Media vs. G bits Network Technology | Inly Media vs. Beijing Roborock Technology |
| Hongrun Construction vs. Harvest Fund Management | Hongrun Construction vs. Hunan Mendale Hometextile | Hongrun Construction vs. Shanghai Shuixing Home | Hongrun Construction vs. Xiamen Goldenhome Co |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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