Correlation Between Clear Channel and Baosheng Media
Can any of the company-specific risk be diversified away by investing in both Clear Channel and Baosheng Media at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Clear Channel and Baosheng Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clear Channel Outdoor and Baosheng Media Group, you can compare the effects of market volatilities on Clear Channel and Baosheng 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 Clear Channel with a short position of Baosheng Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clear Channel and Baosheng Media.
Diversification Opportunities for Clear Channel and Baosheng Media
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Clear and Baosheng is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Clear Channel Outdoor and Baosheng Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baosheng Media Group and Clear Channel 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 Clear Channel Outdoor are associated (or correlated) with Baosheng Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baosheng Media Group has no effect on the direction of Clear Channel i.e., Clear Channel and Baosheng Media go up and down completely randomly.
Pair Corralation between Clear Channel and Baosheng Media
Considering the 90-day investment horizon Clear Channel Outdoor is expected to generate 0.69 times more return on investment than Baosheng Media. However, Clear Channel Outdoor is 1.45 times less risky than Baosheng Media. It trades about 0.09 of its potential returns per unit of risk. Baosheng Media Group is currently generating about -0.06 per unit of risk. If you would invest 114.00 in Clear Channel Outdoor on June 9, 2025 and sell it today you would earn a total of 18.00 from holding Clear Channel Outdoor or generate 15.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Clear Channel Outdoor vs. Baosheng Media Group
Performance |
| Timeline |
| Clear Channel Outdoor |
| Baosheng Media Group |
Clear Channel and Baosheng Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clear Channel and Baosheng Media
The main advantage of trading using opposite Clear Channel and Baosheng Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clear Channel position performs unexpectedly, Baosheng 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 Baosheng Media will offset losses from the drop in Baosheng Media's long position.| Clear Channel vs. CuriosityStream | Clear Channel vs. iQIYI Inc | Clear Channel vs. Sea | Clear Channel vs. TuanChe ADR |
| Baosheng Media vs. Liberty Media | Baosheng Media vs. Warner Music Group | Baosheng Media vs. Madison Square Garden | Baosheng Media vs. News Corp A |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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