Correlation Between China Publishing and Omnijoi Media
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By analyzing existing cross correlation between China Publishing Media and Omnijoi Media Corp, you can compare the effects of market volatilities on China Publishing 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 China Publishing with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Omnijoi Media.
Diversification Opportunities for China Publishing and Omnijoi Media
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and Omnijoi is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing 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 China Publishing 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 China Publishing 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 China Publishing i.e., China Publishing and Omnijoi Media go up and down completely randomly.
Pair Corralation between China Publishing and Omnijoi Media
Assuming the 90 days trading horizon China Publishing is expected to generate 1.07 times less return on investment than Omnijoi Media. But when comparing it to its historical volatility, China Publishing Media is 1.28 times less risky than Omnijoi Media. It trades about 0.03 of its potential returns per unit of risk. Omnijoi Media Corp is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 779.00 in Omnijoi Media Corp on November 2, 2024 and sell it today you would earn a total of 124.00 from holding Omnijoi Media Corp or generate 15.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Omnijoi Media Corp
Performance |
| Timeline |
| China Publishing Media |
| Omnijoi Media Corp |
China Publishing and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Omnijoi Media
The main advantage of trading using opposite China Publishing and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing 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.| China Publishing vs. Jiamei Food Packaging | China Publishing vs. New Hope Dairy | China Publishing vs. Beijing Yanjing Brewery | China Publishing vs. Yankershop Food Co |
| Omnijoi Media vs. Beijing YanDong MicroElectronic | Omnijoi Media vs. Sportsoul Co Ltd | Omnijoi Media vs. Suzhou Douson Drilling | Omnijoi Media vs. Integrated Electronic Systems |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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