Correlation Between 36Kr Holdings and Quizam Media
Can any of the company-specific risk be diversified away by investing in both 36Kr Holdings and Quizam Media 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 36Kr Holdings and Quizam Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 36Kr Holdings and Quizam Media, you can compare the effects of market volatilities on 36Kr Holdings and Quizam 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 36Kr Holdings with a short position of Quizam Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36Kr Holdings and Quizam Media.
Diversification Opportunities for 36Kr Holdings and Quizam Media
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between 36Kr and Quizam is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding 36Kr Holdings and Quizam Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quizam Media and 36Kr Holdings 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 36Kr Holdings are associated (or correlated) with Quizam Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quizam Media has no effect on the direction of 36Kr Holdings i.e., 36Kr Holdings and Quizam Media go up and down completely randomly.
Pair Corralation between 36Kr Holdings and Quizam Media
Given the investment horizon of 90 days 36Kr Holdings is expected to generate 16.11 times more return on investment than Quizam Media. However, 36Kr Holdings is 16.11 times more volatile than Quizam Media. It trades about 0.22 of its potential returns per unit of risk. Quizam Media is currently generating about -0.21 per unit of risk. If you would invest 300.00 in 36Kr Holdings on November 3, 2024 and sell it today you would earn a total of 350.00 from holding 36Kr Holdings or generate 116.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
36Kr Holdings vs. Quizam Media
Performance |
| Timeline |
| 36Kr Holdings |
| Quizam Media |
36Kr Holdings and Quizam Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36Kr Holdings and Quizam Media
The main advantage of trading using opposite 36Kr Holdings and Quizam Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36Kr Holdings position performs unexpectedly, Quizam 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 Quizam Media will offset losses from the drop in Quizam Media's long position.| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
| Quizam Media vs. Tinybeans Group Limited | Quizam Media vs. Sabio Holdings | Quizam Media vs. Zoomd Technologies | Quizam Media vs. DGTL Holdings |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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