Correlation Between Omnijoi Media and Beijing Kingsoft
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By analyzing existing cross correlation between Omnijoi Media Corp and Beijing Kingsoft Office, you can compare the effects of market volatilities on Omnijoi Media and Beijing Kingsoft 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 Beijing Kingsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Beijing Kingsoft.
Diversification Opportunities for Omnijoi Media and Beijing Kingsoft
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Omnijoi and Beijing is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Beijing Kingsoft Office in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kingsoft Office 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 Beijing Kingsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kingsoft Office has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Beijing Kingsoft go up and down completely randomly.
Pair Corralation between Omnijoi Media and Beijing Kingsoft
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 1.19 times more return on investment than Beijing Kingsoft. However, Omnijoi Media is 1.19 times more volatile than Beijing Kingsoft Office. It trades about 0.03 of its potential returns per unit of risk. Beijing Kingsoft Office is currently generating about 0.01 per unit of risk. If you would invest 729.00 in Omnijoi Media Corp on October 14, 2024 and sell it today you would earn a total of 50.00 from holding Omnijoi Media Corp or generate 6.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Beijing Kingsoft Office
Performance |
| Timeline |
| Omnijoi Media Corp |
| Beijing Kingsoft Office |
Omnijoi Media and Beijing Kingsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Beijing Kingsoft
The main advantage of trading using opposite Omnijoi Media and Beijing Kingsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Beijing Kingsoft 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 Beijing Kingsoft will offset losses from the drop in Beijing Kingsoft's long position.| Omnijoi Media vs. Chenzhou Jingui Silver | Omnijoi Media vs. Fujian Oriental Silver | Omnijoi Media vs. Tianjin Silvery Dragon | Omnijoi Media vs. Shengda Mining Co |
| Beijing Kingsoft vs. Threes Company Media | Beijing Kingsoft vs. Sportsoul Co Ltd | Beijing Kingsoft vs. Yankershop Food Co | Beijing Kingsoft vs. Omnijoi Media Corp |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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