Correlation Between Malion New and Omnijoi Media
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By analyzing existing cross correlation between Malion New Materials and Omnijoi Media Corp, you can compare the effects of market volatilities on Malion New and Omnijoi 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 Malion New with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Omnijoi Media.
Diversification Opportunities for Malion New and Omnijoi Media
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Malion and Omnijoi is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Omnijoi Media Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omnijoi Media Corp and Malion New 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 Malion New Materials are associated (or correlated) with Omnijoi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omnijoi Media Corp has no effect on the direction of Malion New i.e., Malion New and Omnijoi Media go up and down completely randomly.
Pair Corralation between Malion New and Omnijoi Media
Assuming the 90 days trading horizon Malion New Materials is expected to under-perform the Omnijoi Media. But the stock apears to be less risky and, when comparing its historical volatility, Malion New Materials is 1.04 times less risky than Omnijoi Media. The stock trades about -0.02 of its potential returns per unit of risk. The Omnijoi Media Corp is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 881.00 in Omnijoi Media Corp on August 28, 2024 and sell it today you would earn a total of 83.00 from holding Omnijoi Media Corp or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Malion New Materials vs. Omnijoi Media Corp
Performance |
| Timeline |
| Malion New Materials |
| Omnijoi Media Corp |
Malion New and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Omnijoi Media
The main advantage of trading using opposite Malion New and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Omnijoi 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 Omnijoi Media will offset losses from the drop in Omnijoi Media's long position.| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
| Omnijoi Media vs. Agricultural Bank of | Omnijoi Media vs. Industrial and Commercial | Omnijoi Media vs. Bank of China | Omnijoi Media vs. PetroChina Co Ltd |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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