Correlation Between Bus Online and Omnijoi Media
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By analyzing existing cross correlation between Bus Online Co and Omnijoi Media Corp, you can compare the effects of market volatilities on Bus Online 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 Bus Online with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Omnijoi Media.
Diversification Opportunities for Bus Online and Omnijoi Media
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Bus and Omnijoi is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online 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 Bus Online 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 Bus Online 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 Bus Online i.e., Bus Online and Omnijoi Media go up and down completely randomly.
Pair Corralation between Bus Online and Omnijoi Media
Assuming the 90 days trading horizon Bus Online is expected to generate 3.49 times less return on investment than Omnijoi Media. But when comparing it to its historical volatility, Bus Online Co is 1.47 times less risky than Omnijoi Media. It trades about 0.04 of its potential returns per unit of risk. Omnijoi Media Corp is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 643.00 in Omnijoi Media Corp on November 2, 2024 and sell it today you would earn a total of 260.00 from holding Omnijoi Media Corp or generate 40.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Omnijoi Media Corp
Performance |
| Timeline |
| Bus Online |
| Omnijoi Media Corp |
Bus Online and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Omnijoi Media
The main advantage of trading using opposite Bus Online and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online 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.| Bus Online vs. Guangzhou KDT Machinery | Bus Online vs. Tederic Machinery Co | Bus Online vs. Ciwen Media Co | Bus Online vs. Zhejiang Yinlun Machinery |
| Omnijoi Media vs. Wuhan Yangtze Communication | Omnijoi Media vs. Dongfeng Automobile Co | Omnijoi Media vs. Xiangyang Automobile Bearing | Omnijoi Media vs. Gan Yuan Foods |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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