Correlation Between Orinko Advanced and Malion New
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By analyzing existing cross correlation between Orinko Advanced Plastics and Malion New Materials, you can compare the effects of market volatilities on Orinko Advanced and Malion New 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 Orinko Advanced with a short position of Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orinko Advanced and Malion New.
Diversification Opportunities for Orinko Advanced and Malion New
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Orinko and Malion is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Orinko Advanced Plastics and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials and Orinko Advanced 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 Orinko Advanced Plastics are associated (or correlated) with Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Orinko Advanced i.e., Orinko Advanced and Malion New go up and down completely randomly.
Pair Corralation between Orinko Advanced and Malion New
Assuming the 90 days trading horizon Orinko Advanced Plastics is expected to generate 0.61 times more return on investment than Malion New. However, Orinko Advanced Plastics is 1.65 times less risky than Malion New. It trades about 0.03 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.02 per unit of risk. If you would invest 899.00 in Orinko Advanced Plastics on August 28, 2024 and sell it today you would earn a total of 9.00 from holding Orinko Advanced Plastics or generate 1.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orinko Advanced Plastics vs. Malion New Materials
Performance |
| Timeline |
| Orinko Advanced Plastics |
| Malion New Materials |
Orinko Advanced and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orinko Advanced and Malion New
The main advantage of trading using opposite Orinko Advanced and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orinko Advanced position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Orinko Advanced vs. Guangdong Brandmax Marketing | Orinko Advanced vs. Ningxia Younglight Chemicals | Orinko Advanced vs. Saurer Intelligent Technology | Orinko Advanced vs. Shandong Polymer Biochemicals |
| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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