Correlation Analysis Between 500 and DHX Media

This module allows you to analyze existing cross correlation between 500 Limited and DHX Media Ltd. You can compare the effects of market volatilities on 500 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 with a short position of DHX Media. See also your portfolio center. Please also check ongoing floating volatility patterns of 500 and DHX Media.
 Time 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 Limited is expected to generate 0.86 times more return on investment than DHX Media. However, 500 Limited is 1.16 times less risky than DHX Media. It trades about -0.12 of its potential returns per unit of risk. DHX Media Ltd is currently generating about -0.16 per unit of risk. If you would invest  1,541  in 500 Limited on June 19, 2018 and sell it today you would lose (136.00)  from holding 500 Limited or give up 8.83% of portfolio value over 30 days.

Pair Corralation between 500 and DHX Media

0.76
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor 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 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 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 i.e. 500 and DHX Media go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
500 Limited  
0 

Risk-Adjusted Performance

Over the last 30 days 500 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.

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