Correlation Between Jiangsu Xinri and Ciwen Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Ciwen Media Co, you can compare the effects of market volatilities on Jiangsu Xinri and Ciwen 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 Jiangsu Xinri with a short position of Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Ciwen Media.
Diversification Opportunities for Jiangsu Xinri and Ciwen Media
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Ciwen is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media and Jiangsu Xinri 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 Jiangsu Xinri E Vehicle are associated (or correlated) with Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Ciwen Media go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Ciwen Media
Assuming the 90 days trading horizon Jiangsu Xinri is expected to generate 2.93 times less return on investment than Ciwen Media. But when comparing it to its historical volatility, Jiangsu Xinri E Vehicle is 1.41 times less risky than Ciwen Media. It trades about 0.1 of its potential returns per unit of risk. Ciwen Media Co is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 518.00 in Ciwen Media Co on September 10, 2024 and sell it today you would earn a total of 273.00 from holding Ciwen Media Co or generate 52.7% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Ciwen Media Co
Performance |
Timeline |
Jiangsu Xinri E |
Ciwen Media |
Jiangsu Xinri and Ciwen Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Xinri and Ciwen Media
The main advantage of trading using opposite Jiangsu Xinri and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Ciwen 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.Jiangsu Xinri vs. Gem Year Industrial Co | Jiangsu Xinri vs. Xiandai Investment Co | Jiangsu Xinri vs. Ye Chiu Metal | Jiangsu Xinri vs. China Singapore Suzhou Industrial |
Ciwen Media vs. Vanfund Urban Investment | Ciwen Media vs. Jiangxi Naipu Mining | Ciwen Media vs. Pengxin International Mining | Ciwen Media vs. Ping An Insurance |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |