Correlation Between Omnijoi Media and China Fund
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By analyzing existing cross correlation between Omnijoi Media Corp and China Fund Management, you can compare the effects of market volatilities on Omnijoi Media and China Fund 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 China Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and China Fund.
Diversification Opportunities for Omnijoi Media and China Fund
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Omnijoi and China is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and China Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Fund Management 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 China Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Fund Management has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and China Fund go up and down completely randomly.
Pair Corralation between Omnijoi Media and China Fund
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to under-perform the China Fund. In addition to that, Omnijoi Media is 5.4 times more volatile than China Fund Management. It trades about -0.03 of its total potential returns per unit of risk. China Fund Management is currently generating about 0.21 per unit of volatility. If you would invest 972.00 in China Fund Management on November 27, 2024 and sell it today you would earn a total of 108.00 from holding China Fund Management or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.28% |
| Values | Daily Returns |
Omnijoi Media Corp vs. China Fund Management
Performance |
| Timeline |
| Omnijoi Media Corp |
| China Fund Management |
Omnijoi Media and China Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and China Fund
The main advantage of trading using opposite Omnijoi Media and China Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, China Fund 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 China Fund will offset losses from the drop in China Fund's long position.| Omnijoi Media vs. YLZ Information Tech | Omnijoi Media vs. iSoftStone Information Technology | Omnijoi Media vs. Talkweb Information System | Omnijoi Media vs. Zhejiang Construction Investment |
| China Fund vs. Winall Hi tech | China Fund vs. Guangzhou Zhujiang Brewery | China Fund vs. Ningbo Daye Garden | China Fund vs. Masterwork Machinery |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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