Correlation Between Omnijoi Media and Inly Media
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By analyzing existing cross correlation between Omnijoi Media Corp and Inly Media Co, you can compare the effects of market volatilities on Omnijoi Media and Inly Media 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 Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Inly Media.
Diversification Opportunities for Omnijoi Media and Inly Media
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Omnijoi and Inly is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly Media 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 Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Inly Media go up and down completely randomly.
Pair Corralation between Omnijoi Media and Inly Media
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 0.95 times more return on investment than Inly Media. However, Omnijoi Media Corp is 1.05 times less risky than Inly Media. It trades about 0.09 of its potential returns per unit of risk. Inly Media Co 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 56.00 from holding Omnijoi Media Corp or generate 6.36% 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. Inly Media Co
Performance |
| Timeline |
| Omnijoi Media Corp |
| Inly Media |
Omnijoi Media and Inly Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Inly Media
The main advantage of trading using opposite Omnijoi Media and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Inly Media 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 Inly Media will offset losses from the drop in Inly Media'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 |
| Inly Media vs. Industrial and Commercial | Inly Media vs. Agricultural Bank of | Inly Media vs. China Construction Bank | Inly Media vs. Bank of China |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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