Correlation Between Hunan TV and Clear Channel
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By analyzing existing cross correlation between Hunan TV Broadcast and Clear Channel Outdoor, you can compare the effects of market volatilities on Hunan TV and Clear Channel 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 Hunan TV with a short position of Clear Channel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan TV and Clear Channel.
Diversification Opportunities for Hunan TV and Clear Channel
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hunan and Clear is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Hunan TV Broadcast and Clear Channel Outdoor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clear Channel Outdoor and Hunan TV 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 Hunan TV Broadcast are associated (or correlated) with Clear Channel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clear Channel Outdoor has no effect on the direction of Hunan TV i.e., Hunan TV and Clear Channel go up and down completely randomly.
Pair Corralation between Hunan TV and Clear Channel
Assuming the 90 days trading horizon Hunan TV Broadcast is expected to generate 0.5 times more return on investment than Clear Channel. However, Hunan TV Broadcast is 1.99 times less risky than Clear Channel. It trades about -0.17 of its potential returns per unit of risk. Clear Channel Outdoor is currently generating about -0.11 per unit of risk. If you would invest 873.00 in Hunan TV Broadcast on August 25, 2025 and sell it today you would lose (53.00) from holding Hunan TV Broadcast or give up 6.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan TV Broadcast vs. Clear Channel Outdoor
Performance |
| Timeline |
| Hunan TV Broadcast |
| Clear Channel Outdoor |
Hunan TV and Clear Channel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan TV and Clear Channel
The main advantage of trading using opposite Hunan TV and Clear Channel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan TV position performs unexpectedly, Clear Channel 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 Clear Channel will offset losses from the drop in Clear Channel's long position.| Hunan TV vs. Ming Yang Smart | Hunan TV vs. 159681 | Hunan TV vs. 159005 | Hunan TV vs. Loctek Ergonomic Technology |
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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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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