Correlation Between Omnijoi Media and Bus Online
Specify exactly 2 symbols:
By analyzing existing cross correlation between Omnijoi Media Corp and Bus Online Co, you can compare the effects of market volatilities on Omnijoi Media and Bus Online 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 Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Bus Online.
Diversification Opportunities for Omnijoi Media and Bus Online
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Omnijoi and Bus is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online 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 Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Bus Online go up and down completely randomly.
Pair Corralation between Omnijoi Media and Bus Online
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to under-perform the Bus Online. But the stock apears to be less risky and, when comparing its historical volatility, Omnijoi Media Corp is 1.39 times less risky than Bus Online. The stock trades about -0.17 of its potential returns per unit of risk. The Bus Online Co is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 496.00 in Bus Online Co on October 20, 2024 and sell it today you would lose (56.00) from holding Bus Online Co or give up 11.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Bus Online Co
Performance |
| Timeline |
| Omnijoi Media Corp |
| Bus Online |
Omnijoi Media and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Bus Online
The main advantage of trading using opposite Omnijoi Media and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Omnijoi Media vs. Changchun Engley Automobile | Omnijoi Media vs. Anhui Jianghuai Automobile | Omnijoi Media vs. Kunwu Jiuding Investment | Omnijoi Media vs. Shenzhen Centralcon Investment |
| Bus Online vs. Liaoning Dingjide Petrochemical | Bus Online vs. Guangzhou Haozhi Industrial | Bus Online vs. Rising Nonferrous Metals | Bus Online vs. Liuzhou Chemical Industry |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |