Correlation Between Beijing Enlight and Omnijoi Media
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By analyzing existing cross correlation between Beijing Enlight Media and Omnijoi Media Corp, you can compare the effects of market volatilities on Beijing Enlight 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 Beijing Enlight with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and Omnijoi Media.
Diversification Opportunities for Beijing Enlight and Omnijoi Media
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Omnijoi is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media 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 Beijing Enlight 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 Beijing Enlight Media 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 Beijing Enlight i.e., Beijing Enlight and Omnijoi Media go up and down completely randomly.
Pair Corralation between Beijing Enlight and Omnijoi Media
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 0.7 times more return on investment than Omnijoi Media. However, Beijing Enlight Media is 1.43 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 -0.17 per unit of risk. If you would invest 955.00 in Beijing Enlight Media on October 20, 2024 and sell it today you would lose (25.00) from holding Beijing Enlight Media or give up 2.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. Omnijoi Media Corp
Performance |
| Timeline |
| Beijing Enlight Media |
| Omnijoi Media Corp |
Beijing Enlight and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and Omnijoi Media
The main advantage of trading using opposite Beijing Enlight and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight 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.| Beijing Enlight vs. State Grid InformationCommunication | Beijing Enlight vs. SSAW Hotels Resorts | Beijing Enlight vs. Jinxiandai Information Industry | Beijing Enlight vs. Sharetronic Data Technology |
| Omnijoi Media vs. Changchun Engley Automobile | Omnijoi Media vs. Anhui Jianghuai Automobile | Omnijoi Media vs. Kunwu Jiuding Investment | Omnijoi Media vs. Shenzhen Centralcon Investment |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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