Correlation Between Hygon Information and Ciwen Media
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By analyzing existing cross correlation between Hygon Information Technology and Ciwen Media Co, you can compare the effects of market volatilities on Hygon Information and Ciwen 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 Hygon Information with a short position of Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Ciwen Media.
Diversification Opportunities for Hygon Information and Ciwen Media
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hygon and Ciwen is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media and Hygon Information 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 Hygon Information Technology are associated (or correlated) with Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Hygon Information i.e., Hygon Information and Ciwen Media go up and down completely randomly.
Pair Corralation between Hygon Information and Ciwen Media
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.0 times more return on investment than Ciwen Media. However, Hygon Information Technology is 1.0 times less risky than Ciwen Media. It trades about 0.08 of its potential returns per unit of risk. Ciwen Media Co is currently generating about 0.01 per unit of risk. If you would invest 4,411 in Hygon Information Technology on October 16, 2024 and sell it today you would earn a total of 9,929 from holding Hygon Information Technology or generate 225.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Ciwen Media Co
Performance |
| Timeline |
| Hygon Information |
| Ciwen Media |
Hygon Information and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Ciwen Media
The main advantage of trading using opposite Hygon Information and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information position performs unexpectedly, Ciwen 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| Hygon Information vs. Songz Automobile Air | Hygon Information vs. Rising Nonferrous Metals | Hygon Information vs. Anhui Jianghuai Automobile | Hygon Information vs. Telling Telecommunication Holding |
| Ciwen Media vs. Jiangxi Hengda Hi Tech | Ciwen Media vs. Guangdong Jingyi Metal | Ciwen Media vs. Runjian Communication Co | Ciwen Media vs. Anhui Jinhe Industrial |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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