Correlation Between Threes Company and Jilin Jlu
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By analyzing existing cross correlation between Threes Company Media and Jilin Jlu Communication, you can compare the effects of market volatilities on Threes Company and Jilin Jlu 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 Threes Company with a short position of Jilin Jlu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Threes Company and Jilin Jlu.
Diversification Opportunities for Threes Company and Jilin Jlu
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Threes and Jilin is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Threes Company Media and Jilin Jlu Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin Jlu Communication and Threes Company 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 Threes Company Media are associated (or correlated) with Jilin Jlu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin Jlu Communication has no effect on the direction of Threes Company i.e., Threes Company and Jilin Jlu go up and down completely randomly.
Pair Corralation between Threes Company and Jilin Jlu
Assuming the 90 days trading horizon Threes Company Media is expected to under-perform the Jilin Jlu. In addition to that, Threes Company is 1.26 times more volatile than Jilin Jlu Communication. It trades about -0.03 of its total potential returns per unit of risk. Jilin Jlu Communication is currently generating about 0.02 per unit of volatility. If you would invest 839.00 in Jilin Jlu Communication on October 23, 2024 and sell it today you would earn a total of 9.00 from holding Jilin Jlu Communication or generate 1.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Threes Company Media vs. Jilin Jlu Communication
Performance |
| Timeline |
| Threes Company |
| Jilin Jlu Communication |
Threes Company and Jilin Jlu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Threes Company and Jilin Jlu
The main advantage of trading using opposite Threes Company and Jilin Jlu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Threes Company position performs unexpectedly, Jilin Jlu 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 Jilin Jlu will offset losses from the drop in Jilin Jlu's long position.| Threes Company vs. Ming Yang Smart | Threes Company vs. 159681 | Threes Company vs. 159005 | Threes Company vs. Loctek Ergonomic Technology |
| Jilin Jlu vs. Guangdong Jingyi Metal | Jilin Jlu vs. Changjiang Publishing Media | Jilin Jlu vs. Southern PublishingMedia Co | Jilin Jlu vs. Threes Company Media |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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