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Correlation Between Imedia Brands and JD Com

Analyzing existing cross correlation between Imedia Brands and JD Com. You can compare the effects of market volatilities on Imedia Brands and JD Com 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 Imedia Brands with a short position of JD Com. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imedia Brands and JD Com.

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Diversification Opportunities for Imedia Brands and JD Com

Imedia Brands diversification synergy
0.66
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<div class='circular--portrait-small' style='background:#FCD202;color: white;font-size:1.6em;padding-top: 6px;;'>JD</div>

Poor diversification

The 3 months correlation between Imedia and JD Com is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Imedia Brands and JD Com Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on JD Com and Imedia Brands 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 Imedia Brands are associated (or correlated) with JD Com. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD Com has no effect on the direction of Imedia Brands i.e. Imedia Brands and JD Com go up and down completely randomly.

Pair Corralation between Imedia Brands and JD Com

Given the investment horizon of 30 days, Imedia Brands is expected to generate 54.46 times more return on investment than JD Com. However, Imedia Brands is 54.46 times more volatile than JD Com. It trades about 0.12 of its potential returns per unit of risk. JD Com is currently generating about 0.19 per unit of risk. If you would invest  53.00  in Imedia Brands on January 24, 2020 and sell it today you would earn a total of  298.00  from holding Imedia Brands or generate 562.26% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy98.41%
ValuesDaily Returns

Imedia Brands  vs.  JD Com Inc

 Performance (%) 
    
  Timeline 
Imedia Brands 
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Imedia Brands are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, Imedia Brands layed out solid returns over the last few months and may actually be approaching a breakup point.
JD Com 
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in JD Com are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, JD Com exhibited solid returns over the last few months and may actually be approaching a breakup point.

Imedia Brands and JD Com Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.