Correlation Between Inly Media and Shandong Ruifeng
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By analyzing existing cross correlation between Inly Media Co and Shandong Ruifeng Chemical, you can compare the effects of market volatilities on Inly Media and Shandong Ruifeng 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 Shandong Ruifeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Shandong Ruifeng.
Diversification Opportunities for Inly Media and Shandong Ruifeng
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Inly and Shandong is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Shandong Ruifeng Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Ruifeng Chemical 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 Shandong Ruifeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Ruifeng Chemical has no effect on the direction of Inly Media i.e., Inly Media and Shandong Ruifeng go up and down completely randomly.
Pair Corralation between Inly Media and Shandong Ruifeng
Assuming the 90 days trading horizon Inly Media Co is expected to generate 1.19 times more return on investment than Shandong Ruifeng. However, Inly Media is 1.19 times more volatile than Shandong Ruifeng Chemical. It trades about 0.05 of its potential returns per unit of risk. Shandong Ruifeng Chemical is currently generating about 0.03 per unit of risk. If you would invest 888.00 in Inly Media Co on September 3, 2024 and sell it today you would earn a total of 701.00 from holding Inly Media Co or generate 78.94% 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. Shandong Ruifeng Chemical
Performance |
| Timeline |
| Inly Media |
| Shandong Ruifeng Chemical |
Inly Media and Shandong Ruifeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inly Media and Shandong Ruifeng
The main advantage of trading using opposite Inly Media and Shandong Ruifeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Shandong Ruifeng 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 Shandong Ruifeng will offset losses from the drop in Shandong Ruifeng's long position.| Inly Media vs. Vohringer Home Technology | Inly Media vs. Offshore Oil Engineering | Inly Media vs. Shuhua Sports Co | Inly Media vs. Sportsoul Co Ltd |
| Shandong Ruifeng vs. Beijing Bashi Media | Shandong Ruifeng vs. Air China Ltd | Shandong Ruifeng vs. Inly Media Co | Shandong Ruifeng vs. Bus Online 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 Stocks Directory module to find actively traded stocks across global markets.
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