Correlation Between Cofoe Medical and Oriental Times
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By analyzing existing cross correlation between Cofoe Medical Technology and Oriental Times Media, you can compare the effects of market volatilities on Cofoe Medical and Oriental Times 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 Cofoe Medical with a short position of Oriental Times. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cofoe Medical and Oriental Times.
Diversification Opportunities for Cofoe Medical and Oriental Times
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Cofoe and Oriental is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Cofoe Medical Technology and Oriental Times Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oriental Times Media and Cofoe Medical 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 Cofoe Medical Technology are associated (or correlated) with Oriental Times. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oriental Times Media has no effect on the direction of Cofoe Medical i.e., Cofoe Medical and Oriental Times go up and down completely randomly.
Pair Corralation between Cofoe Medical and Oriental Times
Assuming the 90 days trading horizon Cofoe Medical is expected to generate 2.02 times less return on investment than Oriental Times. But when comparing it to its historical volatility, Cofoe Medical Technology is 1.66 times less risky than Oriental Times. It trades about 0.32 of its potential returns per unit of risk. Oriental Times Media is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 442.00 in Oriental Times Media on November 27, 2024 and sell it today you would earn a total of 132.00 from holding Oriental Times Media or generate 29.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cofoe Medical Technology vs. Oriental Times Media
Performance |
| Timeline |
| Cofoe Medical Technology |
| Oriental Times Media |
Cofoe Medical and Oriental Times Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cofoe Medical and Oriental Times
The main advantage of trading using opposite Cofoe Medical and Oriental Times positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cofoe Medical position performs unexpectedly, Oriental Times 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 Oriental Times will offset losses from the drop in Oriental Times' long position.| Cofoe Medical vs. Industrial and Commercial | Cofoe Medical vs. Agricultural Bank of | Cofoe Medical vs. China Construction Bank | Cofoe Medical vs. Bank of China |
| Oriental Times vs. Fiberhome Telecommunication Technologies | Oriental Times vs. Zhongyin Babi Food | Oriental Times vs. Namchow Food Group | Oriental Times vs. HaiXin Foods Co |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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