Correlation Between Olympic Circuit and Omnijoi Media
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By analyzing existing cross correlation between Olympic Circuit Technology and Omnijoi Media Corp, you can compare the effects of market volatilities on Olympic Circuit 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 Olympic Circuit with a short position of Omnijoi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Circuit and Omnijoi Media.
Diversification Opportunities for Olympic Circuit and Omnijoi Media
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Olympic and Omnijoi is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Circuit Technology 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 Olympic Circuit 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 Olympic Circuit Technology 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 Olympic Circuit i.e., Olympic Circuit and Omnijoi Media go up and down completely randomly.
Pair Corralation between Olympic Circuit and Omnijoi Media
Assuming the 90 days trading horizon Olympic Circuit Technology is expected to generate 0.75 times more return on investment than Omnijoi Media. However, Olympic Circuit Technology is 1.33 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 -0.02 per unit of risk. If you would invest 3,088 in Olympic Circuit Technology on October 30, 2024 and sell it today you would earn a total of 141.00 from holding Olympic Circuit Technology or generate 4.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Olympic Circuit Technology vs. Omnijoi Media Corp
Performance |
| Timeline |
| Olympic Circuit Tech |
| Omnijoi Media Corp |
Olympic Circuit and Omnijoi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Circuit and Omnijoi Media
The main advantage of trading using opposite Olympic Circuit and Omnijoi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Circuit 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.| Olympic Circuit vs. Beijing Bewinner Communications | Olympic Circuit vs. Thunder Software Technology | Olympic Circuit vs. TianJin 712 Communication | Olympic Circuit vs. Wuhan Yangtze Communication |
| Omnijoi Media vs. Vats Liquor Chain | Omnijoi Media vs. Shenzhen Zhongzhuang Construction | Omnijoi Media vs. Jahen Household Products | Omnijoi Media vs. Ningbo Construction 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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