Correlation Between Chengdu B and Omnijoi Media
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By analyzing existing cross correlation between Chengdu B ray Media and Omnijoi Media Corp, you can compare the effects of market volatilities on Chengdu B 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 Chengdu B with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu B and Omnijoi Media.
Diversification Opportunities for Chengdu B and Omnijoi Media
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chengdu and Omnijoi is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu B ray Media 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 Chengdu B 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 Chengdu B ray Media 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 Chengdu B i.e., Chengdu B and Omnijoi Media go up and down completely randomly.
Pair Corralation between Chengdu B and Omnijoi Media
Assuming the 90 days trading horizon Chengdu B is expected to generate 2.47 times less return on investment than Omnijoi Media. But when comparing it to its historical volatility, Chengdu B ray Media is 1.4 times less risky than Omnijoi Media. It trades about 0.05 of its potential returns per unit of risk. Omnijoi Media Corp is currently generating about 0.09 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 56.00 from holding Omnijoi Media Corp 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 |
Chengdu B ray Media vs. Omnijoi Media Corp
Performance |
| Timeline |
| Chengdu B ray |
| Omnijoi Media Corp |
Chengdu B and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu B and Omnijoi Media
The main advantage of trading using opposite Chengdu B and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu B 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.| Chengdu B vs. China State Construction | Chengdu B vs. Huafa Industrial Co | Chengdu B vs. China International Capital | Chengdu B vs. Kweichow Moutai Co |
| 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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