Correlation Between Omnijoi Media and Chongqing Brewery
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By analyzing existing cross correlation between Omnijoi Media Corp and Chongqing Brewery Co, you can compare the effects of market volatilities on Omnijoi Media and Chongqing Brewery 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 Chongqing Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Chongqing Brewery.
Diversification Opportunities for Omnijoi Media and Chongqing Brewery
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omnijoi and Chongqing is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Chongqing Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Brewery 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 Chongqing Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Brewery has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Chongqing Brewery go up and down completely randomly.
Pair Corralation between Omnijoi Media and Chongqing Brewery
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 2.39 times more return on investment than Chongqing Brewery. However, Omnijoi Media is 2.39 times more volatile than Chongqing Brewery Co. It trades about 0.09 of its potential returns per unit of risk. Chongqing Brewery Co is currently generating about -0.51 per unit of risk. If you would invest 888.00 in Omnijoi Media Corp on October 29, 2024 and sell it today you would earn a total of 45.00 from holding Omnijoi Media Corp or generate 5.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Chongqing Brewery Co
Performance |
| Timeline |
| Omnijoi Media Corp |
| Chongqing Brewery |
Omnijoi Media and Chongqing Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Chongqing Brewery
The main advantage of trading using opposite Omnijoi Media and Chongqing Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Chongqing Brewery 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 Chongqing Brewery will offset losses from the drop in Chongqing Brewery's long position.| Omnijoi Media vs. Huizhou Speed Wireless | Omnijoi Media vs. Queclink Wireless Solutions | Omnijoi Media vs. Songz Automobile Air | Omnijoi Media vs. Jiangsu Xinri E Vehicle |
| Chongqing Brewery vs. Dongfeng Automobile Co | Chongqing Brewery vs. BrightGene Bio Medical | Chongqing Brewery vs. Nanjing Putian Telecommunications | Chongqing Brewery vs. Winner Medical Co |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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