Correlation Between Inly Media and Dow Jones
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By analyzing existing cross correlation between Inly Media Co and Dow Jones Industrial, you can compare the effects of market volatilities on Inly Media and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Dow Jones.
Diversification Opportunities for Inly Media and Dow Jones
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Inly and Dow is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Inly Media i.e., Inly Media and Dow Jones go up and down completely randomly.
Pair Corralation between Inly Media and Dow Jones
Assuming the 90 days trading horizon Inly Media Co is expected to generate 4.13 times more return on investment than Dow Jones. However, Inly Media is 4.13 times more volatile than Dow Jones Industrial. It trades about 0.16 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.34 per unit of risk. If you would invest 1,402 in Inly Media Co on September 2, 2024 and sell it today you would earn a total of 187.00 from holding Inly Media Co or generate 13.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Inly Media Co vs. Dow Jones Industrial
Performance |
| Timeline |
Inly Media and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Inly Media Co
Pair trading matchups for Inly Media
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Inly Media and Dow Jones
The main advantage of trading using opposite Inly Media and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Inly Media vs. Milkyway Chemical Supply | Inly Media vs. Tianshui Huatian Technology | Inly Media vs. Western Superconducting Tech | Inly Media vs. Do Fluoride Chemicals Co |
| Dow Jones vs. Dream Finders Homes | Dow Jones vs. GEN Restaurant Group, | Dow Jones vs. National Beverage Corp | Dow Jones vs. BJs Restaurants |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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