Correlation Between Omnijoi Media and Jiangsu Pacific
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By analyzing existing cross correlation between Omnijoi Media Corp and Jiangsu Pacific Quartz, you can compare the effects of market volatilities on Omnijoi Media and Jiangsu Pacific 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 Jiangsu Pacific. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Jiangsu Pacific.
Diversification Opportunities for Omnijoi Media and Jiangsu Pacific
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omnijoi and Jiangsu is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Jiangsu Pacific Quartz in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Pacific Quartz 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 Jiangsu Pacific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Pacific Quartz has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Jiangsu Pacific go up and down completely randomly.
Pair Corralation between Omnijoi Media and Jiangsu Pacific
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 1.74 times more return on investment than Jiangsu Pacific. However, Omnijoi Media is 1.74 times more volatile than Jiangsu Pacific Quartz. It trades about 0.22 of its potential returns per unit of risk. Jiangsu Pacific Quartz is currently generating about -0.01 per unit of risk. If you would invest 803.00 in Omnijoi Media Corp on November 6, 2024 and sell it today you would earn a total of 100.00 from holding Omnijoi Media Corp or generate 12.45% 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. Jiangsu Pacific Quartz
Performance |
| Timeline |
| Omnijoi Media Corp |
| Jiangsu Pacific Quartz |
Omnijoi Media and Jiangsu Pacific Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Jiangsu Pacific
The main advantage of trading using opposite Omnijoi Media and Jiangsu Pacific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Jiangsu Pacific 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 Jiangsu Pacific will offset losses from the drop in Jiangsu Pacific's long position.| Omnijoi Media vs. Runjian Communication Co | Omnijoi Media vs. Anhui Jianghuai Automobile | Omnijoi Media vs. Liuzhou Chemical Industry | Omnijoi Media vs. Wintao Communications Co |
| Jiangsu Pacific vs. Iat Automobile Technology | Jiangsu Pacific vs. Haima Automobile Group | Jiangsu Pacific vs. Ningbo Homelink Eco iTech | Jiangsu Pacific vs. Changchun Engley Automobile |
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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