Correlation Between Inly Media and Jiangsu Yanghe
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By analyzing existing cross correlation between Inly Media Co and Jiangsu Yanghe Brewery, you can compare the effects of market volatilities on Inly Media and Jiangsu Yanghe 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 Jiangsu Yanghe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Jiangsu Yanghe.
Diversification Opportunities for Inly Media and Jiangsu Yanghe
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Inly and Jiangsu is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Jiangsu Yanghe Brewery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yanghe Brewery 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 Jiangsu Yanghe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yanghe Brewery has no effect on the direction of Inly Media i.e., Inly Media and Jiangsu Yanghe go up and down completely randomly.
Pair Corralation between Inly Media and Jiangsu Yanghe
Assuming the 90 days trading horizon Inly Media Co is expected to generate 1.82 times more return on investment than Jiangsu Yanghe. However, Inly Media is 1.82 times more volatile than Jiangsu Yanghe Brewery. It trades about 0.14 of its potential returns per unit of risk. Jiangsu Yanghe Brewery is currently generating about 0.12 per unit of risk. If you would invest 1,428 in Inly Media Co on September 4, 2024 and sell it today you would earn a total of 154.00 from holding Inly Media Co or generate 10.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inly Media Co vs. Jiangsu Yanghe Brewery
Performance |
| Timeline |
| Inly Media |
| Jiangsu Yanghe Brewery |
Inly Media and Jiangsu Yanghe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Jiangsu Yanghe
The main advantage of trading using opposite Inly Media and Jiangsu Yanghe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Jiangsu Yanghe 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 Jiangsu Yanghe will offset losses from the drop in Jiangsu Yanghe's long position.| Inly Media vs. Jiangsu Yanghe Brewery | Inly Media vs. Maoming Petro Chemical Shihua | Inly Media vs. Chongqing Shunbo Aluminum | Inly Media vs. Miracll Chemicals Co |
| Jiangsu Yanghe vs. Luyin Investment Group | Jiangsu Yanghe vs. Eastern Air Logistics | Jiangsu Yanghe vs. Zhongshan Broad Ocean Motor | Jiangsu Yanghe vs. Hunan TV Broadcast |
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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