Correlation Between Chison Medical and JiShi Media
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By analyzing existing cross correlation between Chison Medical Technologies and JiShi Media Co, you can compare the effects of market volatilities on Chison Medical 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 Chison Medical with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and JiShi Media.
Diversification Opportunities for Chison Medical and JiShi Media
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chison and JiShi is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Chison Medical 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 Chison Medical Technologies 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 Chison Medical i.e., Chison Medical and JiShi Media go up and down completely randomly.
Pair Corralation between Chison Medical and JiShi Media
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 0.65 times more return on investment than JiShi Media. However, Chison Medical Technologies is 1.54 times less risky than JiShi Media. It trades about 0.14 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.14 per unit of risk. If you would invest 2,472 in Chison Medical Technologies on October 30, 2024 and sell it today you would earn a total of 138.00 from holding Chison Medical Technologies or generate 5.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. JiShi Media Co
Performance |
| Timeline |
| Chison Medical Techn |
| JiShi Media |
Chison Medical and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and JiShi Media
The main advantage of trading using opposite Chison Medical and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical 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.| Chison Medical vs. Agricultural Bank of | Chison Medical vs. Industrial and Commercial | Chison Medical vs. Bank of China | Chison Medical vs. China Construction Bank |
| JiShi Media vs. Nanjing Putian Telecommunications | JiShi Media vs. Anhui Jianghuai Automobile | JiShi Media vs. Runjian Communication Co | JiShi Media vs. Xiangyang Automobile Bearing |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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