Correlation Between Allmed Medical and Oriental Times
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By analyzing existing cross correlation between Allmed Medical Products and Oriental Times Media, you can compare the effects of market volatilities on Allmed Medical and Oriental Times 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 Allmed Medical with a short position of Oriental Times. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Oriental Times.
Diversification Opportunities for Allmed Medical and Oriental Times
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Allmed and Oriental is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Oriental Times Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oriental Times Media and Allmed Medical 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 Allmed Medical Products are associated (or correlated) with Oriental Times. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oriental Times Media has no effect on the direction of Allmed Medical i.e., Allmed Medical and Oriental Times go up and down completely randomly.
Pair Corralation between Allmed Medical and Oriental Times
Assuming the 90 days trading horizon Allmed Medical is expected to generate 7.06 times less return on investment than Oriental Times. But when comparing it to its historical volatility, Allmed Medical Products is 1.82 times less risky than Oriental Times. It trades about 0.1 of its potential returns per unit of risk. Oriental Times Media is currently generating about 0.39 of returns per unit of risk over similar time horizon. 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 |
Allmed Medical Products vs. Oriental Times Media
Performance |
| Timeline |
| Allmed Medical Products |
| Oriental Times Media |
Allmed Medical and Oriental Times Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Oriental Times
The main advantage of trading using opposite Allmed Medical and Oriental Times positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Oriental Times 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 Oriental Times will offset losses from the drop in Oriental Times' long position.| Allmed Medical vs. Nanjing Putian Telecommunications | Allmed Medical vs. Shenzhen Hifuture Electric | Allmed Medical vs. Tianjin Realty Development | Allmed Medical vs. Shenyang Huitian Thermal |
| Oriental Times vs. Industrial and Commercial | Oriental Times vs. China Construction Bank | Oriental Times vs. Agricultural Bank of | Oriental Times vs. Bank of China |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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