Correlation Between Omnijoi Media and Smartgiant Technology
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By analyzing existing cross correlation between Omnijoi Media Corp and Smartgiant Technology Co, you can compare the effects of market volatilities on Omnijoi Media and Smartgiant Technology 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 Smartgiant Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and Smartgiant Technology.
Diversification Opportunities for Omnijoi Media and Smartgiant Technology
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omnijoi and Smartgiant is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and Smartgiant Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smartgiant Technology 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 Smartgiant Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smartgiant Technology has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and Smartgiant Technology go up and down completely randomly.
Pair Corralation between Omnijoi Media and Smartgiant Technology
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to under-perform the Smartgiant Technology. In addition to that, Omnijoi Media is 1.29 times more volatile than Smartgiant Technology Co. It trades about -0.33 of its total potential returns per unit of risk. Smartgiant Technology Co is currently generating about -0.11 per unit of volatility. If you would invest 4,380 in Smartgiant Technology Co on October 12, 2024 and sell it today you would lose (361.00) from holding Smartgiant Technology Co or give up 8.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Omnijoi Media Corp vs. Smartgiant Technology Co
Performance |
| Timeline |
| Omnijoi Media Corp |
| Smartgiant Technology |
Omnijoi Media and Smartgiant Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and Smartgiant Technology
The main advantage of trading using opposite Omnijoi Media and Smartgiant Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, Smartgiant Technology 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 Smartgiant Technology will offset losses from the drop in Smartgiant Technology's long position.| Omnijoi Media vs. Shenzhen AV Display Co | Omnijoi Media vs. Southern PublishingMedia Co | Omnijoi Media vs. Hongrun Construction Group | Omnijoi Media vs. Huasi Agricultural Development |
| Smartgiant Technology vs. Omnijoi Media Corp | Smartgiant Technology vs. Healthcare Co | Smartgiant Technology vs. Duzhe Publishing Media | Smartgiant Technology vs. De Rucci Healthy |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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