Correlation Between North Huajin and JiShi Media
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By analyzing existing cross correlation between North Huajin Chemical and JiShi Media Co, you can compare the effects of market volatilities on North Huajin and JiShi 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 North Huajin with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of North Huajin and JiShi Media.
Diversification Opportunities for North Huajin and JiShi Media
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between North and JiShi is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding North Huajin Chemical and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media and North Huajin 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 North Huajin Chemical are associated (or correlated) with JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of North Huajin i.e., North Huajin and JiShi Media go up and down completely randomly.
Pair Corralation between North Huajin and JiShi Media
Assuming the 90 days trading horizon North Huajin Chemical is expected to generate 0.48 times more return on investment than JiShi Media. However, North Huajin Chemical is 2.1 times less risky than JiShi Media. It trades about -0.08 of its potential returns per unit of risk. JiShi Media Co is currently generating about -0.05 per unit of risk. If you would invest 523.00 in North Huajin Chemical on December 7, 2024 and sell it today you would lose (52.00) from holding North Huajin Chemical or give up 9.94% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
North Huajin Chemical vs. JiShi Media Co
Performance |
Timeline |
North Huajin Chemical |
JiShi Media |
North Huajin and JiShi Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with North Huajin and JiShi Media
The main advantage of trading using opposite North Huajin and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if North Huajin position performs unexpectedly, JiShi 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 JiShi Media will offset losses from the drop in JiShi Media's long position.North Huajin vs. Smartgiant Technology Co | North Huajin vs. Tianjin Hi Tech Development | North Huajin vs. Fiberhome Telecommunication Technologies | North Huajin vs. Haima Automobile Group |
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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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