Correlation Between Jinhui Liquor and JiShi Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinhui Liquor Co and JiShi Media Co, you can compare the effects of market volatilities on Jinhui Liquor and JiShi Media 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 Jinhui Liquor with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and JiShi Media.
Diversification Opportunities for Jinhui Liquor and JiShi Media
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinhui and JiShi is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Jinhui Liquor 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 Jinhui Liquor Co are associated (or correlated) with JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and JiShi Media go up and down completely randomly.
Pair Corralation between Jinhui Liquor and JiShi Media
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to under-perform the JiShi Media. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Liquor Co is 1.46 times less risky than JiShi Media. The stock trades about -0.03 of its potential returns per unit of risk. The JiShi Media Co is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 149.00 in JiShi Media Co on August 29, 2024 and sell it today you would earn a total of 26.00 from holding JiShi Media Co or generate 17.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 97.37% |
| Values | Daily Returns |
Jinhui Liquor Co vs. JiShi Media Co
Performance |
| Timeline |
| Jinhui Liquor |
| JiShi Media |
Jinhui Liquor and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and JiShi Media
The main advantage of trading using opposite Jinhui Liquor and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, JiShi Media 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 JiShi Media will offset losses from the drop in JiShi Media's long position.| Jinhui Liquor vs. PetroChina Co Ltd | Jinhui Liquor vs. China Mobile Limited | Jinhui Liquor vs. Ping An Insurance | Jinhui Liquor vs. China Petroleum Chemical |
| JiShi Media vs. Industrial and Commercial | JiShi Media vs. Agricultural Bank of | JiShi Media vs. China Construction Bank | JiShi Media vs. Bank of China |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Transaction History View history of all your transactions and understand their impact on performance |