Correlation Between Bank of China and Omnijoi Media
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By analyzing existing cross correlation between Bank of China and Omnijoi Media Corp, you can compare the effects of market volatilities on Bank of China 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 Bank of China with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Omnijoi Media.
Diversification Opportunities for Bank of China and Omnijoi Media
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bank and Omnijoi is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China 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 Bank of China 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 Bank of China 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 Bank of China i.e., Bank of China and Omnijoi Media go up and down completely randomly.
Pair Corralation between Bank of China and Omnijoi Media
Assuming the 90 days trading horizon Bank of China is expected to generate 4.6 times less return on investment than Omnijoi Media. But when comparing it to its historical volatility, Bank of China is 4.12 times less risky than Omnijoi Media. It trades about 0.11 of its potential returns per unit of risk. 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Omnijoi Media Corp
Performance |
| Timeline |
| Bank of China |
| Omnijoi Media Corp |
Bank of China and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Omnijoi Media
The main advantage of trading using opposite Bank of China and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China 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.| Bank of China vs. Zhengzhou Qianweiyangchu Food | Bank of China vs. Guangdong Advertising Co | Bank of China vs. Linewell Software Co | Bank of China vs. Juewei Food 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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