Correlation Between Inly Media and Shenzhen Clou
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By analyzing existing cross correlation between Inly Media Co and Shenzhen Clou Electronics, you can compare the effects of market volatilities on Inly Media and Shenzhen Clou 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 Shenzhen Clou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Shenzhen Clou.
Diversification Opportunities for Inly Media and Shenzhen Clou
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Inly and Shenzhen is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Shenzhen Clou Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Clou Electronics 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 Shenzhen Clou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Clou Electronics has no effect on the direction of Inly Media i.e., Inly Media and Shenzhen Clou go up and down completely randomly.
Pair Corralation between Inly Media and Shenzhen Clou
Assuming the 90 days trading horizon Inly Media Co is expected to generate 1.33 times more return on investment than Shenzhen Clou. However, Inly Media is 1.33 times more volatile than Shenzhen Clou Electronics. It trades about 0.06 of its potential returns per unit of risk. Shenzhen Clou Electronics is currently generating about 0.03 per unit of risk. If you would invest 1,423 in Inly Media Co on August 29, 2024 and sell it today you would earn a total of 102.00 from holding Inly Media Co or generate 7.17% 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. Shenzhen Clou Electronics
Performance |
| Timeline |
| Inly Media |
| Shenzhen Clou Electronics |
Inly Media and Shenzhen Clou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Shenzhen Clou
The main advantage of trading using opposite Inly Media and Shenzhen Clou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Shenzhen Clou 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 Shenzhen Clou will offset losses from the drop in Shenzhen Clou's long position.| Inly Media vs. Industrial and Commercial | Inly Media vs. Agricultural Bank of | Inly Media vs. China Construction Bank | Inly Media vs. Bank of China |
| Shenzhen Clou vs. PetroChina Co Ltd | Shenzhen Clou vs. China State Construction | Shenzhen Clou vs. China Mobile Limited | Shenzhen Clou vs. Industrial and Commercial |
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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