Correlation Between Allgens Medical and JiShi Media
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By analyzing existing cross correlation between Allgens Medical Technology and JiShi Media Co, you can compare the effects of market volatilities on Allgens 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 Allgens Medical with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allgens Medical and JiShi Media.
Diversification Opportunities for Allgens Medical and JiShi Media
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Allgens and JiShi is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Allgens Medical Technology and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and Allgens 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 Allgens Medical Technology 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 Allgens Medical i.e., Allgens Medical and JiShi Media go up and down completely randomly.
Pair Corralation between Allgens Medical and JiShi Media
Assuming the 90 days trading horizon Allgens Medical Technology is expected to generate 0.49 times more return on investment than JiShi Media. However, Allgens Medical Technology is 2.05 times less risky than JiShi Media. It trades about -0.17 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.29 per unit of risk. If you would invest 1,845 in Allgens Medical Technology on October 18, 2024 and sell it today you would lose (132.00) from holding Allgens Medical Technology or give up 7.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allgens Medical Technology vs. JiShi Media Co
Performance |
| Timeline |
| Allgens Medical Tech |
| JiShi Media |
Allgens Medical and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allgens Medical and JiShi Media
The main advantage of trading using opposite Allgens Medical and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allgens 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.| Allgens Medical vs. Shanghai CEO Environmental | Allgens Medical vs. Anhui Jianghuai Automobile | Allgens Medical vs. Xiangyang Automobile Bearing | Allgens Medical vs. Guangxi Wuzhou Communications |
| JiShi Media vs. Guocheng Mining Co | JiShi Media vs. Chison Medical Technologies | JiShi Media vs. Shenyang Huitian Thermal | JiShi Media vs. Allgens Medical Technology |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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