Correlation Between China Vanke and Omnijoi Media
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By analyzing existing cross correlation between China Vanke Co and Omnijoi Media Corp, you can compare the effects of market volatilities on China Vanke and Omnijoi 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 China Vanke with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Vanke and Omnijoi Media.
Diversification Opportunities for China Vanke and Omnijoi Media
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Omnijoi is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding China Vanke Co and Omnijoi Media Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omnijoi Media Corp and China Vanke 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 China Vanke Co are associated (or correlated) with Omnijoi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omnijoi Media Corp has no effect on the direction of China Vanke i.e., China Vanke and Omnijoi Media go up and down completely randomly.
Pair Corralation between China Vanke and Omnijoi Media
Assuming the 90 days trading horizon China Vanke is expected to generate 2.63 times less return on investment than Omnijoi Media. But when comparing it to its historical volatility, China Vanke Co is 1.1 times less risky than Omnijoi Media. It trades about 0.09 of its potential returns per unit of risk. Omnijoi Media Corp is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 803.00 in Omnijoi Media Corp on November 6, 2024 and sell it today you would earn a total of 100.00 from holding Omnijoi Media Corp or generate 12.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Vanke Co vs. Omnijoi Media Corp
Performance |
| Timeline |
| China Vanke |
| Omnijoi Media Corp |
China Vanke and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Vanke and Omnijoi Media
The main advantage of trading using opposite China Vanke and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Vanke position performs unexpectedly, Omnijoi 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 Omnijoi Media will offset losses from the drop in Omnijoi Media's long position.| China Vanke vs. Shenzhen Zhongzhuang Construction | China Vanke vs. Xiangyu Medical Co | China Vanke vs. Allied Machinery Co | China Vanke vs. Sino Medical Sciences |
| Omnijoi Media vs. Runjian Communication Co | Omnijoi Media vs. Anhui Jianghuai Automobile | Omnijoi Media vs. Liuzhou Chemical Industry | Omnijoi Media vs. Wintao Communications Co |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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