Correlation Between Oriental Times and Allmed Medical
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By analyzing existing cross correlation between Oriental Times Media and Allmed Medical Products, you can compare the effects of market volatilities on Oriental Times and Allmed Medical 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 Oriental Times with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Times and Allmed Medical.
Diversification Opportunities for Oriental Times and Allmed Medical
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Oriental and Allmed is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Times Media and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products and Oriental Times 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 Oriental Times Media are associated (or correlated) with Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Oriental Times i.e., Oriental Times and Allmed Medical go up and down completely randomly.
Pair Corralation between Oriental Times and Allmed Medical
Assuming the 90 days trading horizon Oriental Times Media is expected to generate 1.82 times more return on investment than Allmed Medical. However, Oriental Times is 1.82 times more volatile than Allmed Medical Products. It trades about 0.39 of its potential returns per unit of risk. Allmed Medical Products is currently generating about 0.1 per unit of risk. If you would invest 281.00 in Oriental Times Media on September 1, 2024 and sell it today you would earn a total of 171.00 from holding Oriental Times Media or generate 60.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oriental Times Media vs. Allmed Medical Products
Performance |
| Timeline |
| Oriental Times Media |
| Allmed Medical Products |
Oriental Times and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Times and Allmed Medical
The main advantage of trading using opposite Oriental Times and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Times position performs unexpectedly, Allmed Medical 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.| Oriental Times vs. Industrial and Commercial | Oriental Times vs. China Construction Bank | Oriental Times vs. Agricultural Bank of | Oriental Times vs. Bank of China |
| Allmed Medical vs. Nanjing Putian Telecommunications | Allmed Medical vs. Shenzhen Hifuture Electric | Allmed Medical vs. Tianjin Realty Development | Allmed Medical vs. Shenyang Huitian Thermal |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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