Correlation Between JiShi Media and Shenzhen Sunlord
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By analyzing existing cross correlation between JiShi Media Co and Shenzhen Sunlord Electronics, you can compare the effects of market volatilities on JiShi Media and Shenzhen Sunlord 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 JiShi Media with a short position of Shenzhen Sunlord. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Shenzhen Sunlord.
Diversification Opportunities for JiShi Media and Shenzhen Sunlord
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between JiShi and Shenzhen is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Shenzhen Sunlord Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Sunlord Ele and JiShi Media 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 JiShi Media Co are associated (or correlated) with Shenzhen Sunlord. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Sunlord Ele has no effect on the direction of JiShi Media i.e., JiShi Media and Shenzhen Sunlord go up and down completely randomly.
Pair Corralation between JiShi Media and Shenzhen Sunlord
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 2.9 times more return on investment than Shenzhen Sunlord. However, JiShi Media is 2.9 times more volatile than Shenzhen Sunlord Electronics. It trades about 0.23 of its potential returns per unit of risk. Shenzhen Sunlord Electronics is currently generating about 0.23 per unit of risk. If you would invest 175.00 in JiShi Media Co on September 24, 2024 and sell it today you would earn a total of 41.00 from holding JiShi Media Co or generate 23.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
JiShi Media Co vs. Shenzhen Sunlord Electronics
Performance |
Timeline |
JiShi Media |
Shenzhen Sunlord Ele |
JiShi Media and Shenzhen Sunlord Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JiShi Media and Shenzhen Sunlord
The main advantage of trading using opposite JiShi Media and Shenzhen Sunlord positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Shenzhen Sunlord 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 Shenzhen Sunlord will offset losses from the drop in Shenzhen Sunlord's long position.JiShi Media vs. Industrial and Commercial | JiShi Media vs. Kweichow Moutai Co | JiShi Media vs. Agricultural Bank of | JiShi Media vs. China Mobile Limited |
Shenzhen Sunlord vs. Industrial and Commercial | Shenzhen Sunlord vs. China Construction Bank | Shenzhen Sunlord vs. Agricultural Bank of | Shenzhen Sunlord vs. Bank of China |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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