Correlation Between Hongrun Construction and Omnijoi Media
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By analyzing existing cross correlation between Hongrun Construction Group and Omnijoi Media Corp, you can compare the effects of market volatilities on Hongrun Construction 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 Hongrun Construction with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hongrun Construction and Omnijoi Media.
Diversification Opportunities for Hongrun Construction and Omnijoi Media
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hongrun and Omnijoi is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Hongrun Construction Group 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 Hongrun Construction 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 Hongrun Construction Group 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 Hongrun Construction i.e., Hongrun Construction and Omnijoi Media go up and down completely randomly.
Pair Corralation between Hongrun Construction and Omnijoi Media
Assuming the 90 days trading horizon Hongrun Construction Group is expected to generate 0.77 times more return on investment than Omnijoi Media. However, Hongrun Construction Group is 1.3 times less risky than Omnijoi Media. It trades about 0.11 of its potential returns per unit of risk. Omnijoi Media Corp is currently generating about -0.33 per unit of risk. If you would invest 489.00 in Hongrun Construction Group on October 12, 2024 and sell it today you would earn a total of 31.00 from holding Hongrun Construction Group or generate 6.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hongrun Construction Group vs. Omnijoi Media Corp
Performance |
| Timeline |
| Hongrun Construction |
| Omnijoi Media Corp |
Hongrun Construction and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hongrun Construction and Omnijoi Media
The main advantage of trading using opposite Hongrun Construction and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hongrun Construction 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.| Hongrun Construction vs. Aba Chemicals Corp | Hongrun Construction vs. Hunan TV Broadcast | Hongrun Construction vs. Zhongshan Broad Ocean Motor | Hongrun Construction vs. Chongqing Road Bridge |
| Omnijoi Media vs. Shenzhen AV Display Co | Omnijoi Media vs. Southern PublishingMedia Co | Omnijoi Media vs. Hongrun Construction Group | Omnijoi Media vs. Huasi Agricultural Development |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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