Correlation Between Omnijoi Media and CNPC Capital
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By analyzing existing cross correlation between Omnijoi Media Corp and CNPC Capital Co, you can compare the effects of market volatilities on Omnijoi Media and CNPC Capital 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 CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and CNPC Capital.
Diversification Opportunities for Omnijoi Media and CNPC Capital
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Omnijoi and CNPC is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital 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 CNPC Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNPC Capital has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and CNPC Capital go up and down completely randomly.
Pair Corralation between Omnijoi Media and CNPC Capital
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to under-perform the CNPC Capital. In addition to that, Omnijoi Media is 2.52 times more volatile than CNPC Capital Co. It trades about -0.35 of its total potential returns per unit of risk. CNPC Capital Co is currently generating about -0.18 per unit of volatility. If you would invest 711.00 in CNPC Capital Co on October 17, 2024 and sell it today you would lose (47.00) from holding CNPC Capital Co or give up 6.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. CNPC Capital Co
Performance |
| Timeline |
| Omnijoi Media Corp |
| CNPC Capital |
Omnijoi Media and CNPC Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and CNPC Capital
The main advantage of trading using opposite Omnijoi Media and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, CNPC Capital 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 CNPC Capital will offset losses from the drop in CNPC Capital's long position.| Omnijoi Media vs. Hengli Industrial Development | Omnijoi Media vs. China National Software | Omnijoi Media vs. Ningbo Fujia Industrial | Omnijoi Media vs. Jonjee Hi tech Industrial |
| CNPC Capital vs. China World Trade | CNPC Capital vs. Changjiang Publishing Media | CNPC Capital vs. Heilongjiang Publishing Media | CNPC Capital vs. Omnijoi Media Corp |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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