Correlation Between Inly Media and Dalian Zeus
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By analyzing existing cross correlation between Inly Media Co and Dalian Zeus Entertainment, you can compare the effects of market volatilities on Inly Media and Dalian Zeus 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 Dalian Zeus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Dalian Zeus.
Diversification Opportunities for Inly Media and Dalian Zeus
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Inly and Dalian is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Dalian Zeus Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dalian Zeus Entertainment 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 Dalian Zeus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dalian Zeus Entertainment has no effect on the direction of Inly Media i.e., Inly Media and Dalian Zeus go up and down completely randomly.
Pair Corralation between Inly Media and Dalian Zeus
Assuming the 90 days trading horizon Inly Media Co is expected to under-perform the Dalian Zeus. But the stock apears to be less risky and, when comparing its historical volatility, Inly Media Co is 1.09 times less risky than Dalian Zeus. The stock trades about -0.02 of its potential returns per unit of risk. The Dalian Zeus Entertainment is currently generating about 0.5 of returns per unit of risk over similar time horizon. If you would invest 369.00 in Dalian Zeus Entertainment on August 28, 2024 and sell it today you would earn a total of 220.00 from holding Dalian Zeus Entertainment or generate 59.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inly Media Co vs. Dalian Zeus Entertainment
Performance |
| Timeline |
| Inly Media |
| Dalian Zeus Entertainment |
Inly Media and Dalian Zeus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Dalian Zeus
The main advantage of trading using opposite Inly Media and Dalian Zeus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Dalian Zeus 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 Dalian Zeus will offset losses from the drop in Dalian Zeus' 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 |
| Dalian Zeus vs. Ming Yang Smart | Dalian Zeus vs. 159681 | Dalian Zeus vs. 159005 | Dalian Zeus vs. Loctek Ergonomic Technology |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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