Correlation Between Inly Media and Shenzhen Hifuture
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By analyzing existing cross correlation between Inly Media Co and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on Inly Media and Shenzhen Hifuture 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 Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Shenzhen Hifuture.
Diversification Opportunities for Inly Media and Shenzhen Hifuture
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Inly and Shenzhen is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture 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 Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of Inly Media i.e., Inly Media and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between Inly Media and Shenzhen Hifuture
Assuming the 90 days trading horizon Inly Media Co is expected to generate 1.29 times more return on investment than Shenzhen Hifuture. However, Inly Media is 1.29 times more volatile than Shenzhen Hifuture Electric. It trades about 0.05 of its potential returns per unit of risk. Shenzhen Hifuture Electric is currently generating about -0.03 per unit of risk. If you would invest 1,091 in Inly Media Co on September 1, 2024 and sell it today you would earn a total of 498.00 from holding Inly Media Co or generate 45.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.62% |
| Values | Daily Returns |
Inly Media Co vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| Inly Media |
| Shenzhen Hifuture |
Inly Media and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Shenzhen Hifuture
The main advantage of trading using opposite Inly Media and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Shenzhen Hifuture 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 Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| Inly Media vs. Ming Yang Smart | Inly Media vs. 159681 | Inly Media vs. 159005 | Inly Media vs. Loctek Ergonomic Technology |
| Shenzhen Hifuture vs. CareRay Digital Medical | Shenzhen Hifuture vs. Chison Medical Technologies | Shenzhen Hifuture vs. Nanjing Vishee Medical | Shenzhen Hifuture vs. Linewell Software 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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