Correlation Between Malion New and Orinko Advanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between Malion New Materials and Orinko Advanced Plastics, you can compare the effects of market volatilities on Malion New and Orinko Advanced 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 Orinko Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Orinko Advanced.
Diversification Opportunities for Malion New and Orinko Advanced
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Malion and Orinko is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Orinko Advanced Plastics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinko Advanced Plastics 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 Orinko Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinko Advanced Plastics has no effect on the direction of Malion New i.e., Malion New and Orinko Advanced go up and down completely randomly.
Pair Corralation between Malion New and Orinko Advanced
Assuming the 90 days trading horizon Malion New Materials is expected to generate 1.71 times more return on investment than Orinko Advanced. However, Malion New is 1.71 times more volatile than Orinko Advanced Plastics. It trades about 0.09 of its potential returns per unit of risk. Orinko Advanced Plastics is currently generating about 0.09 per unit of risk. If you would invest 771.00 in Malion New Materials on August 25, 2024 and sell it today you would earn a total of 49.00 from holding Malion New Materials or generate 6.36% 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. Orinko Advanced Plastics
Performance |
| Timeline |
| Malion New Materials |
| Orinko Advanced Plastics |
Malion New and Orinko Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Orinko Advanced
The main advantage of trading using opposite Malion New and Orinko Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Orinko Advanced 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 Orinko Advanced will offset losses from the drop in Orinko Advanced's long position.| Malion New vs. Sunny Loan Top | Malion New vs. Hunan Investment Group | Malion New vs. Tieling Newcity Investment | Malion New vs. Harbin Hatou Investment |
| Orinko Advanced vs. Zijin Mining Group | Orinko Advanced vs. Wanhua Chemical Group | Orinko Advanced vs. Shandong Gold Mining | Orinko Advanced vs. Inner Mongolia BaoTou |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |