Pair Correlation Between DHX Media and 500 com

This module allows you to analyze existing cross correlation between DHX Media Ltd and 500 com Limited. You can compare the effects of market volatilities on DHX Media and 500 com 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 DHX Media with a short position of 500 com. See also your portfolio center. Please also check ongoing floating volatility patterns of DHX Media and 500 com.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 DHX Media Ltd  vs   500 com Limited
 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DHX Media Ltd is expected to generate 1.07 times more return on investment than 500 com. However, DHX Media is 1.07 times more volatile than 500 com Limited. It trades about 0.01 of its potential returns per unit of risk. 500 com Limited is currently generating about -0.14 per unit of risk. If you would invest  315  in DHX Media Ltd on November 18, 2017 and sell it today you would earn a total of  0.00  from holding DHX Media Ltd or generate 0.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between DHX Media and 500 com
0.18

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding DHX Media Ltd and 500 com Limited in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on 500 com Limited and DHX 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 DHX Media Ltd are associated (or correlated) with 500 com. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 500 com Limited has no effect on the direction of DHX Media i.e. DHX Media and 500 com go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

DHX Media Ltd

  
0 

Risk-Adjusted Performance

Over the last 30 days DHX Media Ltd has generated negative risk-adjusted returns adding no value to investors with long positions.

500 com Limited

  
0 

Risk-Adjusted Performance

Over the last 30 days 500 com Limited has generated negative risk-adjusted returns adding no value to investors with long positions.