Correlation Between JiShi Media and State Grid
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By analyzing existing cross correlation between JiShi Media Co and State Grid InformationCommunication, you can compare the effects of market volatilities on JiShi Media and State Grid 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 State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and State Grid.
Diversification Opportunities for JiShi Media and State Grid
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JiShi and State is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati 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 State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of JiShi Media i.e., JiShi Media and State Grid go up and down completely randomly.
Pair Corralation between JiShi Media and State Grid
Assuming the 90 days trading horizon JiShi Media Co is expected to under-perform the State Grid. In addition to that, JiShi Media is 1.84 times more volatile than State Grid InformationCommunication. It trades about -0.24 of its total potential returns per unit of risk. State Grid InformationCommunication is currently generating about -0.39 per unit of volatility. If you would invest 2,209 in State Grid InformationCommunication on October 7, 2024 and sell it today you would lose (422.00) from holding State Grid InformationCommunication or give up 19.1% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
JiShi Media Co vs. State Grid InformationCommunic
Performance |
Timeline |
JiShi Media |
State Grid Informati |
JiShi Media and State Grid Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JiShi Media and State Grid
The main advantage of trading using opposite JiShi Media and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.JiShi Media vs. China Life Insurance | JiShi Media vs. Cinda Securities Co | JiShi Media vs. Piotech Inc A | JiShi Media vs. Dongxing Sec Co |
State Grid vs. Industrial and Commercial | State Grid vs. Agricultural Bank of | State Grid vs. China Construction Bank | State Grid 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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