Correlation Between Ping An and Omnijoi Media
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By analyzing existing cross correlation between Ping An Insurance and Omnijoi Media Corp, you can compare the effects of market volatilities on Ping An 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 Ping An with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Omnijoi Media.
Diversification Opportunities for Ping An and Omnijoi Media
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ping and Omnijoi is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance 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 Ping An 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 Ping An Insurance 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 Ping An i.e., Ping An and Omnijoi Media go up and down completely randomly.
Pair Corralation between Ping An and Omnijoi Media
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Omnijoi Media. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.87 times less risky than Omnijoi Media. The stock trades about -0.16 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 29, 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 | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Omnijoi Media Corp
Performance |
| Timeline |
| Ping An Insurance |
| Omnijoi Media Corp |
Ping An and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Omnijoi Media
The main advantage of trading using opposite Ping An and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An 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.| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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