Correlation Between Jilin Chemical and Omnijoi Media
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By analyzing existing cross correlation between Jilin Chemical Fibre and Omnijoi Media Corp, you can compare the effects of market volatilities on Jilin Chemical 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 Jilin Chemical with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Chemical and Omnijoi Media.
Diversification Opportunities for Jilin Chemical and Omnijoi Media
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jilin and Omnijoi is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Chemical Fibre 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 Jilin Chemical 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 Jilin Chemical Fibre 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 Jilin Chemical i.e., Jilin Chemical and Omnijoi Media go up and down completely randomly.
Pair Corralation between Jilin Chemical and Omnijoi Media
Assuming the 90 days trading horizon Jilin Chemical Fibre is expected to under-perform the Omnijoi Media. But the stock apears to be less risky and, when comparing its historical volatility, Jilin Chemical Fibre is 1.67 times less risky than Omnijoi Media. The stock trades about -0.02 of its potential returns per unit of risk. The Omnijoi Media Corp is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 779.00 in Omnijoi Media Corp on November 2, 2024 and sell it today you would earn a total of 124.00 from holding Omnijoi Media Corp or generate 15.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Chemical Fibre vs. Omnijoi Media Corp
Performance |
| Timeline |
| Jilin Chemical Fibre |
| Omnijoi Media Corp |
Jilin Chemical and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Chemical and Omnijoi Media
The main advantage of trading using opposite Jilin Chemical and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Chemical 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.| Jilin Chemical vs. Zijin Mining Group | Jilin Chemical vs. Wanhua Chemical Group | Jilin Chemical vs. Baoshan Iron Steel | Jilin Chemical vs. Shandong Gold Mining |
| Omnijoi Media vs. Beijing YanDong MicroElectronic | Omnijoi Media vs. Sportsoul Co Ltd | Omnijoi Media vs. Suzhou Douson Drilling | Omnijoi Media vs. Integrated Electronic Systems |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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