Pair Correlation Between 500 com and DHX Media

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

Pair Volatility

Given the investment horizon of 30 days, 500 com Limited is expected to under-perform the DHX Media. But the stock apears to be less risky and, when comparing its historical volatility, 500 com Limited is 1.07 times less risky than DHX Media. The stock trades about -0.14 of its potential returns per unit of risk. The DHX Media Ltd is currently generating about 0.01 of returns per unit of risk over similar time horizon. 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 500 com and DHX Media
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 500 com Limited and DHX Media Ltd in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DHX Media Ltd and 500 com 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 500 com Limited are associated (or correlated) with DHX Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DHX Media Ltd has no effect on the direction of 500 com i.e. 500 com and DHX Media go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

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.