Correlation Between Yuanjie Semiconductor and Thinkingdom Media
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By analyzing existing cross correlation between Yuanjie Semiconductor Technology and Thinkingdom Media Group, you can compare the effects of market volatilities on Yuanjie Semiconductor and Thinkingdom 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 Yuanjie Semiconductor with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuanjie Semiconductor and Thinkingdom Media.
Diversification Opportunities for Yuanjie Semiconductor and Thinkingdom Media
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Yuanjie and Thinkingdom is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Yuanjie Semiconductor Technolo and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Yuanjie Semiconductor 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 Yuanjie Semiconductor Technology are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Yuanjie Semiconductor i.e., Yuanjie Semiconductor and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Yuanjie Semiconductor and Thinkingdom Media
Assuming the 90 days trading horizon Yuanjie Semiconductor Technology is expected to generate 1.62 times more return on investment than Thinkingdom Media. However, Yuanjie Semiconductor is 1.62 times more volatile than Thinkingdom Media Group. It trades about 0.03 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.05 per unit of risk. If you would invest 11,982 in Yuanjie Semiconductor Technology on December 11, 2024 and sell it today you would earn a total of 918.00 from holding Yuanjie Semiconductor Technology or generate 7.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yuanjie Semiconductor Technolo vs. Thinkingdom Media Group
Performance |
| Timeline |
| Yuanjie Semiconductor |
| Thinkingdom Media |
Yuanjie Semiconductor and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuanjie Semiconductor and Thinkingdom Media
The main advantage of trading using opposite Yuanjie Semiconductor and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuanjie Semiconductor position performs unexpectedly, Thinkingdom 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Yuanjie Semiconductor vs. Guotai Epoint Software | ||
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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