Correlation Between Oriental Times and Guangdong Jinma
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By analyzing existing cross correlation between Oriental Times Media and Guangdong Jinma Entertainment, you can compare the effects of market volatilities on Oriental Times and Guangdong Jinma 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 Guangdong Jinma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Times and Guangdong Jinma.
Diversification Opportunities for Oriental Times and Guangdong Jinma
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oriental and Guangdong is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Times Media and Guangdong Jinma Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jinma Ente 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 Guangdong Jinma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jinma Ente has no effect on the direction of Oriental Times i.e., Oriental Times and Guangdong Jinma go up and down completely randomly.
Pair Corralation between Oriental Times and Guangdong Jinma
Assuming the 90 days trading horizon Oriental Times Media is expected to generate 2.82 times more return on investment than Guangdong Jinma. However, Oriental Times is 2.82 times more volatile than Guangdong Jinma Entertainment. It trades about 0.2 of its potential returns per unit of risk. Guangdong Jinma Entertainment is currently generating about 0.23 per unit of risk. If you would invest 460.00 in Oriental Times Media on December 1, 2024 and sell it today you would earn a total of 79.00 from holding Oriental Times Media or generate 17.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oriental Times Media vs. Guangdong Jinma Entertainment
Performance |
| Timeline |
| Oriental Times Media |
| Guangdong Jinma Ente |
Oriental Times and Guangdong Jinma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Times and Guangdong Jinma
The main advantage of trading using opposite Oriental Times and Guangdong Jinma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Times position performs unexpectedly, Guangdong Jinma 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 Guangdong Jinma will offset losses from the drop in Guangdong Jinma's long position.| Oriental Times vs. GRINM Semiconductor Materials | Oriental Times vs. Baoding Dongli Machinery | Oriental Times vs. Allied Machinery Co | Oriental Times vs. Tjk Machinery Tianjin |
| Guangdong Jinma vs. Zhongshan Public Utilities | Guangdong Jinma vs. Harbin Air Conditioning | Guangdong Jinma vs. Eastern Air Logistics | Guangdong Jinma vs. Baoding Dongli Machinery |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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