Correlation Between Omnijoi Media and Malion New
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By analyzing existing cross correlation between Omnijoi Media Corp and Malion New Materials, you can compare the effects of market volatilities on Omnijoi Media and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Malion New.
Diversification Opportunities for Omnijoi Media and Malion New
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Omnijoi and Malion is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Malion New go up and down completely randomly.
Pair Corralation between Omnijoi Media and Malion New
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 1.04 times more return on investment than Malion New. However, Omnijoi Media is 1.04 times more volatile than Malion New Materials. It trades about 0.12 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.02 per unit of risk. If you would invest 881.00 in Omnijoi Media Corp on August 28, 2024 and sell it today you would earn a total of 83.00 from holding Omnijoi Media Corp or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Malion New Materials
Performance |
| Timeline |
| Omnijoi Media Corp |
| Malion New Materials |
Omnijoi Media and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Malion New
The main advantage of trading using opposite Omnijoi Media and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Omnijoi Media vs. Agricultural Bank of | Omnijoi Media vs. Industrial and Commercial | Omnijoi Media vs. Bank of China | Omnijoi Media vs. PetroChina Co Ltd |
| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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