Correlation Between Omnijoi Media and Beijing Mainstreets
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By analyzing existing cross correlation between Omnijoi Media Corp and Beijing Mainstreets Investment, you can compare the effects of market volatilities on Omnijoi Media and Beijing Mainstreets 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 Omnijoi Media with a short position of Beijing Mainstreets. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Beijing Mainstreets.
Diversification Opportunities for Omnijoi Media and Beijing Mainstreets
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omnijoi and Beijing is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Beijing Mainstreets Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Mainstreets and Omnijoi 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 Omnijoi Media Corp are associated (or correlated) with Beijing Mainstreets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Mainstreets has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Beijing Mainstreets go up and down completely randomly.
Pair Corralation between Omnijoi Media and Beijing Mainstreets
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 1.12 times more return on investment than Beijing Mainstreets. However, Omnijoi Media is 1.12 times more volatile than Beijing Mainstreets Investment. It trades about 0.03 of its potential returns per unit of risk. Beijing Mainstreets Investment is currently generating about -0.02 per unit of risk. If you would invest 729.00 in Omnijoi Media Corp on October 16, 2024 and sell it today you would earn a total of 54.00 from holding Omnijoi Media Corp or generate 7.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Beijing Mainstreets Investment
Performance |
| Timeline |
| Omnijoi Media Corp |
| Beijing Mainstreets |
Omnijoi Media and Beijing Mainstreets Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Beijing Mainstreets
The main advantage of trading using opposite Omnijoi Media and Beijing Mainstreets positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Beijing Mainstreets 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 Beijing Mainstreets will offset losses from the drop in Beijing Mainstreets' long position.| Omnijoi Media vs. Tongyu Communication | Omnijoi Media vs. Xiangyang Automobile Bearing | Omnijoi Media vs. Emdoor Information Co | Omnijoi Media vs. Huizhou Speed Wireless |
| Beijing Mainstreets vs. Shanghai Newtouch Software | Beijing Mainstreets vs. Anhui Xinhua Media | Beijing Mainstreets vs. Omnijoi Media Corp | Beijing Mainstreets vs. China Publishing Media |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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