Correlation Between Beijing MediaLimited and ATRYS HEALTH
Can any of the company-specific risk be diversified away by investing in both Beijing MediaLimited and ATRYS HEALTH at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Beijing MediaLimited and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beijing Media and ATRYS HEALTH SA, you can compare the effects of market volatilities on Beijing MediaLimited and ATRYS HEALTH 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 Beijing MediaLimited with a short position of ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing MediaLimited and ATRYS HEALTH.
Diversification Opportunities for Beijing MediaLimited and ATRYS HEALTH
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Beijing and ATRYS is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Media and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA and Beijing MediaLimited 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 Beijing Media are associated (or correlated) with ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of Beijing MediaLimited i.e., Beijing MediaLimited and ATRYS HEALTH go up and down completely randomly.
Pair Corralation between Beijing MediaLimited and ATRYS HEALTH
Assuming the 90 days horizon Beijing Media is expected to under-perform the ATRYS HEALTH. In addition to that, Beijing MediaLimited is 1.81 times more volatile than ATRYS HEALTH SA. It trades about -0.18 of its total potential returns per unit of risk. ATRYS HEALTH SA is currently generating about -0.08 per unit of volatility. If you would invest 301.00 in ATRYS HEALTH SA on September 2, 2024 and sell it today you would lose (11.00) from holding ATRYS HEALTH SA or give up 3.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Media vs. ATRYS HEALTH SA
Performance |
| Timeline |
| Beijing MediaLimited |
| ATRYS HEALTH SA |
Beijing MediaLimited and ATRYS HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing MediaLimited and ATRYS HEALTH
The main advantage of trading using opposite Beijing MediaLimited and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing MediaLimited position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.| Beijing MediaLimited vs. Haverty Furniture Companies | Beijing MediaLimited vs. MI Homes | Beijing MediaLimited vs. Addus HomeCare | Beijing MediaLimited vs. MHP Hotel AG |
| ATRYS HEALTH vs. Superior Plus Corp | ATRYS HEALTH vs. NMI Holdings | ATRYS HEALTH vs. Origin Agritech | ATRYS HEALTH vs. SIVERS SEMICONDUCTORS AB |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |