Correlation Between JiShi Media and Shanghai Putailai
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By analyzing existing cross correlation between JiShi Media Co and Shanghai Putailai New, you can compare the effects of market volatilities on JiShi Media and Shanghai Putailai 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 Shanghai Putailai. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Shanghai Putailai.
Diversification Opportunities for JiShi Media and Shanghai Putailai
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Shanghai is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Shanghai Putailai New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Putailai New 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 Shanghai Putailai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Putailai New has no effect on the direction of JiShi Media i.e., JiShi Media and Shanghai Putailai go up and down completely randomly.
Pair Corralation between JiShi Media and Shanghai Putailai
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.07 times more return on investment than Shanghai Putailai. However, JiShi Media is 1.07 times more volatile than Shanghai Putailai New. It trades about 0.23 of its potential returns per unit of risk. Shanghai Putailai New is currently generating about 0.19 per unit of risk. If you would invest 118.00 in JiShi Media Co on September 23, 2024 and sell it today you would earn a total of 98.00 from holding JiShi Media Co or generate 83.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
JiShi Media Co vs. Shanghai Putailai New
Performance |
Timeline |
JiShi Media |
Shanghai Putailai New |
JiShi Media and Shanghai Putailai Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JiShi Media and Shanghai Putailai
The main advantage of trading using opposite JiShi Media and Shanghai Putailai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Shanghai Putailai 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 Shanghai Putailai will offset losses from the drop in Shanghai Putailai'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 |
Shanghai Putailai vs. Zijin Mining Group | Shanghai Putailai vs. Baoshan Iron Steel | Shanghai Putailai vs. Shandong Gold Mining | Shanghai Putailai vs. Rongsheng Petrochemical Co |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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