Correlation Between Omnijoi Media and Guangdong Jingyi
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By analyzing existing cross correlation between Omnijoi Media Corp and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Omnijoi Media and Guangdong Jingyi 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 Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Guangdong Jingyi.
Diversification Opportunities for Omnijoi Media and Guangdong Jingyi
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Omnijoi and Guangdong is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal 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 Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Omnijoi Media and Guangdong Jingyi
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to under-perform the Guangdong Jingyi. In addition to that, Omnijoi Media is 1.32 times more volatile than Guangdong Jingyi Metal. It trades about -0.43 of its total potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about -0.34 per unit of volatility. If you would invest 789.00 in Guangdong Jingyi Metal on October 14, 2024 and sell it today you would lose (163.00) from holding Guangdong Jingyi Metal or give up 20.66% 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. Guangdong Jingyi Metal
Performance |
| Timeline |
| Omnijoi Media Corp |
| Guangdong Jingyi Metal |
Omnijoi Media and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Guangdong Jingyi
The main advantage of trading using opposite Omnijoi Media and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Omnijoi Media vs. Shuhua Sports Co | Omnijoi Media vs. Guangzhou Ruoyuchen Information | Omnijoi Media vs. East Money Information | Omnijoi Media vs. Jahen Household Products |
| Guangdong Jingyi vs. Nanjing Putian Telecommunications | Guangdong Jingyi vs. Heilongjiang Publishing Media | Guangdong Jingyi vs. Omnijoi Media Corp | Guangdong Jingyi vs. Songz Automobile Air |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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