Correlation Between Omnijoi Media and Guangdong Wens
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By analyzing existing cross correlation between Omnijoi Media Corp and Guangdong Wens Foodstuff, you can compare the effects of market volatilities on Omnijoi Media and Guangdong Wens 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 Wens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Guangdong Wens.
Diversification Opportunities for Omnijoi Media and Guangdong Wens
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Omnijoi and Guangdong is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Guangdong Wens Foodstuff in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Wens Foodstuff 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 Wens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Wens Foodstuff has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Guangdong Wens go up and down completely randomly.
Pair Corralation between Omnijoi Media and Guangdong Wens
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 2.38 times more return on investment than Guangdong Wens. However, Omnijoi Media is 2.38 times more volatile than Guangdong Wens Foodstuff. It trades about 0.03 of its potential returns per unit of risk. Guangdong Wens Foodstuff is currently generating about -0.01 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 Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Guangdong Wens Foodstuff
Performance |
| Timeline |
| Omnijoi Media Corp |
| Guangdong Wens Foodstuff |
Omnijoi Media and Guangdong Wens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Guangdong Wens
The main advantage of trading using opposite Omnijoi Media and Guangdong Wens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Guangdong Wens 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 Wens will offset losses from the drop in Guangdong Wens' 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 |
| Guangdong Wens vs. Thinkingdom Media Group | Guangdong Wens vs. Omnijoi Media Corp | Guangdong Wens vs. Southchip Semiconductor Technology | Guangdong Wens vs. Ingenic Semiconductor |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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