Correlation Between Scienjoy Holding and Gray Television
Can any of the company-specific risk be diversified away by investing in both Scienjoy Holding and Gray Television 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 Scienjoy Holding and Gray Television into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Scienjoy Holding Corp and Gray Television, you can compare the effects of market volatilities on Scienjoy Holding and Gray Television 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 Scienjoy Holding with a short position of Gray Television. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scienjoy Holding and Gray Television.
Diversification Opportunities for Scienjoy Holding and Gray Television
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Scienjoy and Gray is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Scienjoy Holding Corp and Gray Television in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gray Television and Scienjoy Holding 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 Scienjoy Holding Corp are associated (or correlated) with Gray Television. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gray Television has no effect on the direction of Scienjoy Holding i.e., Scienjoy Holding and Gray Television go up and down completely randomly.
Pair Corralation between Scienjoy Holding and Gray Television
Allowing for the 90-day total investment horizon Scienjoy Holding is expected to generate 2.41 times less return on investment than Gray Television. In addition to that, Scienjoy Holding is 1.13 times more volatile than Gray Television. It trades about 0.08 of its total potential returns per unit of risk. Gray Television is currently generating about 0.22 per unit of volatility. If you would invest 332.00 in Gray Television on November 18, 2024 and sell it today you would earn a total of 62.00 from holding Gray Television or generate 18.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Scienjoy Holding Corp vs. Gray Television
Performance |
| Timeline |
| Scienjoy Holding Corp |
| Gray Television |
Scienjoy Holding and Gray Television Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Scienjoy Holding and Gray Television
The main advantage of trading using opposite Scienjoy Holding and Gray Television positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scienjoy Holding position performs unexpectedly, Gray Television 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 Gray Television will offset losses from the drop in Gray Television's long position.| Scienjoy Holding vs. Cumulus Media Class | Scienjoy Holding vs. E W Scripps | Scienjoy Holding vs. Beasley Broadcast Group | Scienjoy Holding vs. Gray Television |
| Gray Television vs. E W Scripps | Gray Television vs. Saga Communications | Gray Television vs. iHeartMedia Class A | Gray Television vs. Cumulus Media Class |
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.
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