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Correlation Between Clear Media and TENCENT HOLDINGS

Analyzing existing cross correlation between Clear Media Ltd and TENCENT HOLDINGS LIMITED. You can compare the effects of market volatilities on Clear Media and TENCENT HOLDINGS 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 Media with a short position of TENCENT HOLDINGS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clear Media and TENCENT HOLDINGS.

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Diversification Opportunities for Clear Media and TENCENT HOLDINGS

Clear Media Ltd diversification synergy
0.52
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Very weak diversification

The 3 months correlation between Clear and TENCENT is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Clear Media Ltd and TENCENT HOLDINGS LIMITED in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on TENCENT HOLDINGS and Clear 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 Clear Media Ltd are associated (or correlated) with TENCENT HOLDINGS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TENCENT HOLDINGS has no effect on the direction of Clear Media i.e. Clear Media and TENCENT HOLDINGS go up and down completely randomly.

Pair Corralation between Clear Media and TENCENT HOLDINGS

Assuming 30 trading days horizon, Clear Media Ltd is expected to generate 2.63 times more return on investment than TENCENT HOLDINGS. However, Clear Media is 2.63 times more volatile than TENCENT HOLDINGS LIMITED. It trades about 0.13 of its potential returns per unit of risk. TENCENT HOLDINGS LIMITED is currently generating about 0.11 per unit of risk. If you would invest  45.00  in Clear Media Ltd on January 28, 2020 and sell it today you would earn a total of  25.00  from holding Clear Media Ltd or generate 55.56% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy98.44%
ValuesDaily Returns

Clear Media Ltd  vs.  TENCENT HOLDINGS LIMITED

 Performance (%) 
    
  Timeline 
Clear Media Ltd 
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Clear Media Ltd are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. In spite of rather inconsistent fundamental drivers, Clear Media exhibited solid returns over the last few months and may actually be approaching a breakup point.
TENCENT HOLDINGS 
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in TENCENT HOLDINGS LIMITED are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Inspite fairly conflicting basic indicators, TENCENT HOLDINGS showed solid returns over the last few months and may actually be approaching a breakup point.

Clear Media and TENCENT HOLDINGS Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.