Correlation Between Threes Company and Ningbo Jintian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Threes Company Media and Ningbo Jintian Copper, you can compare the effects of market volatilities on Threes Company and Ningbo Jintian 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 Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Threes Company and Ningbo Jintian.
Diversification Opportunities for Threes Company and Ningbo Jintian
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Threes and Ningbo is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Threes Company Media and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper 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 Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Threes Company i.e., Threes Company and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Threes Company and Ningbo Jintian
Assuming the 90 days trading horizon Threes Company Media is expected to generate 1.53 times more return on investment than Ningbo Jintian. However, Threes Company is 1.53 times more volatile than Ningbo Jintian Copper. It trades about 0.1 of its potential returns per unit of risk. Ningbo Jintian Copper is currently generating about 0.11 per unit of risk. If you would invest 2,380 in Threes Company Media on October 18, 2024 and sell it today you would earn a total of 758.00 from holding Threes Company Media or generate 31.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Threes Company Media vs. Ningbo Jintian Copper
Performance |
| Timeline |
| Threes Company |
| Ningbo Jintian Copper |
Threes Company and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Threes Company and Ningbo Jintian
The main advantage of trading using opposite Threes Company and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Threes Company position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| Threes Company vs. Dongguan Tarry Electronics | Threes Company vs. Nantong Haixing Electronics | Threes Company vs. Epoxy Base Electronic | Threes Company vs. Weihai Honglin Electronic |
| Ningbo Jintian vs. Threes Company Media | Ningbo Jintian vs. Guangzhou Jinyi Media | Ningbo Jintian vs. Changjiang Publishing Media | Ningbo Jintian vs. Anhui Xinhua 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |