Correlation Between Omnijoi Media and China Railway
Specify exactly 2 symbols:
By analyzing existing cross correlation between Omnijoi Media Corp and China Railway Construction, you can compare the effects of market volatilities on Omnijoi Media and China Railway 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 China Railway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omnijoi Media and China Railway.
Diversification Opportunities for Omnijoi Media and China Railway
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Omnijoi and China is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Omnijoi Media Corp and China Railway Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Railway Constr 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 China Railway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Railway Constr has no effect on the direction of Omnijoi Media i.e., Omnijoi Media and China Railway go up and down completely randomly.
Pair Corralation between Omnijoi Media and China Railway
Assuming the 90 days trading horizon Omnijoi Media Corp is expected to generate 3.06 times more return on investment than China Railway. However, Omnijoi Media is 3.06 times more volatile than China Railway Construction. It trades about 0.18 of its potential returns per unit of risk. China Railway Construction is currently generating about -0.18 per unit of risk. If you would invest 818.00 in Omnijoi Media Corp on November 4, 2024 and sell it today you would earn a total of 85.00 from holding Omnijoi Media Corp or generate 10.39% 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. China Railway Construction
Performance |
| Timeline |
| Omnijoi Media Corp |
| China Railway Constr |
Omnijoi Media and China Railway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omnijoi Media and China Railway
The main advantage of trading using opposite Omnijoi Media and China Railway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omnijoi Media position performs unexpectedly, China Railway 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 China Railway will offset losses from the drop in China Railway's long position.| Omnijoi Media vs. Namchow Food Group | Omnijoi Media vs. Guilin Seamild Foods | Omnijoi Media vs. Shenzhen AV Display Co | Omnijoi Media vs. Jahen Household Products |
| China Railway vs. Shanghai Yanpu Metal | China Railway vs. Guangdong Jingyi Metal | China Railway vs. HMTNew Technical | China Railway vs. JCHX Mining Management |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |