Correlation Between Ciwen Media and Orinko Advanced
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By analyzing existing cross correlation between Ciwen Media Co and Orinko Advanced Plastics, you can compare the effects of market volatilities on Ciwen Media and Orinko Advanced 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 Ciwen Media with a short position of Orinko Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Orinko Advanced.
Diversification Opportunities for Ciwen Media and Orinko Advanced
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ciwen and Orinko is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co and Orinko Advanced Plastics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinko Advanced Plastics and Ciwen Media 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 Ciwen Media Co are associated (or correlated) with Orinko Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinko Advanced Plastics has no effect on the direction of Ciwen Media i.e., Ciwen Media and Orinko Advanced go up and down completely randomly.
Pair Corralation between Ciwen Media and Orinko Advanced
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 1.65 times more return on investment than Orinko Advanced. However, Ciwen Media is 1.65 times more volatile than Orinko Advanced Plastics. It trades about 0.07 of its potential returns per unit of risk. Orinko Advanced Plastics is currently generating about 0.03 per unit of risk. If you would invest 681.00 in Ciwen Media Co on August 28, 2024 and sell it today you would earn a total of 29.00 from holding Ciwen Media Co or generate 4.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Orinko Advanced Plastics
Performance |
| Timeline |
| Ciwen Media |
| Orinko Advanced Plastics |
Ciwen Media and Orinko Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Orinko Advanced
The main advantage of trading using opposite Ciwen Media and Orinko Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media position performs unexpectedly, Orinko Advanced 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 Orinko Advanced will offset losses from the drop in Orinko Advanced's long position.| Ciwen Media vs. Agricultural Bank of | Ciwen Media vs. Industrial and Commercial | Ciwen Media vs. Bank of China | Ciwen Media vs. PetroChina Co Ltd |
| Orinko Advanced vs. Guangdong Brandmax Marketing | Orinko Advanced vs. Ningxia Younglight Chemicals | Orinko Advanced vs. Saurer Intelligent Technology | Orinko Advanced vs. Shandong Polymer Biochemicals |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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