Correlation Between Omnijoi Media and Beijing Shunxin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Omnijoi Media Corp and Beijing Shunxin Agriculture, you can compare the effects of market volatilities on Omnijoi Media and Beijing Shunxin 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 Shunxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Beijing Shunxin.
Diversification Opportunities for Omnijoi Media and Beijing Shunxin
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omnijoi and Beijing is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Beijing Shunxin Agriculture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Shunxin Agri 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 Shunxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Shunxin Agri has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Beijing Shunxin go up and down completely randomly.
Pair Corralation between Omnijoi Media and Beijing Shunxin
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 2.41 times more return on investment than Beijing Shunxin. However, Omnijoi Media is 2.41 times more volatile than Beijing Shunxin Agriculture. It trades about -0.02 of its potential returns per unit of risk. Beijing Shunxin Agriculture is currently generating about -0.13 per unit of risk. If you would invest 983.00 in Omnijoi Media Corp on October 30, 2024 and sell it today you would lose (80.00) from holding Omnijoi Media Corp or give up 8.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Beijing Shunxin Agriculture
Performance |
| Timeline |
| Omnijoi Media Corp |
| Beijing Shunxin Agri |
Omnijoi Media and Beijing Shunxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Beijing Shunxin
The main advantage of trading using opposite Omnijoi Media and Beijing Shunxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Beijing Shunxin 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 Shunxin will offset losses from the drop in Beijing Shunxin's long position.| Omnijoi Media vs. Vats Liquor Chain | Omnijoi Media vs. Shenzhen Zhongzhuang Construction | Omnijoi Media vs. Jahen Household Products | Omnijoi Media vs. Ningbo Construction Co |
| Beijing Shunxin vs. Everdisplay Optronics Shanghai | Beijing Shunxin vs. Shenwu Energy Saving | Beijing Shunxin vs. Guangzhou Dongfang Hotel | Beijing Shunxin vs. Sportsoul Co Ltd |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |