Correlation Between Shenzhen Coship and Thinkingdom Media
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Thinkingdom Media Group, you can compare the effects of market volatilities on Shenzhen Coship and Thinkingdom 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 Shenzhen Coship with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Thinkingdom Media.
Diversification Opportunities for Shenzhen Coship and Thinkingdom Media
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenzhen and Thinkingdom is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Shenzhen Coship 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 Shenzhen Coship Electronics are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Thinkingdom Media
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to generate 1.13 times more return on investment than Thinkingdom Media. However, Shenzhen Coship is 1.13 times more volatile than Thinkingdom Media Group. It trades about 0.31 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.14 per unit of risk. If you would invest 375.00 in Shenzhen Coship Electronics on October 7, 2024 and sell it today you would earn a total of 246.00 from holding Shenzhen Coship Electronics or generate 65.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Shenzhen Coship Electronics vs. Thinkingdom Media Group
Performance |
Timeline |
Shenzhen Coship Elec |
Thinkingdom Media |
Shenzhen Coship and Thinkingdom Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenzhen Coship and Thinkingdom Media
The main advantage of trading using opposite Shenzhen Coship and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Thinkingdom 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.Shenzhen Coship vs. Xian International Medical | Shenzhen Coship vs. Iat Automobile Technology | Shenzhen Coship vs. Jiangsu Xinri E Vehicle | Shenzhen Coship vs. Hengkang Medical 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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