Correlation Between Orinko Advanced and JiShi Media
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By analyzing existing cross correlation between Orinko Advanced Plastics and JiShi Media Co, you can compare the effects of market volatilities on Orinko Advanced and JiShi 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 Orinko Advanced with a short position of JiShi Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orinko Advanced and JiShi Media.
Diversification Opportunities for Orinko Advanced and JiShi Media
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Orinko and JiShi is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Orinko Advanced Plastics and JiShi Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JiShi Media 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 JiShi Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JiShi Media has no effect on the direction of Orinko Advanced i.e., Orinko Advanced and JiShi Media go up and down completely randomly.
Pair Corralation between Orinko Advanced and JiShi Media
Assuming the 90 days trading horizon Orinko Advanced Plastics is expected to generate 0.83 times more return on investment than JiShi Media. However, Orinko Advanced Plastics is 1.21 times less risky than JiShi Media. It trades about 0.03 of its potential returns per unit of risk. JiShi Media Co is currently generating about 0.02 per unit of risk. If you would invest 967.00 in Orinko Advanced Plastics on November 19, 2024 and sell it today you would earn a total of 198.00 from holding Orinko Advanced Plastics or generate 20.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orinko Advanced Plastics vs. JiShi Media Co
Performance |
| Timeline |
| Orinko Advanced Plastics |
| JiShi Media |
Orinko Advanced and JiShi Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orinko Advanced and JiShi Media
The main advantage of trading using opposite Orinko Advanced and JiShi Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orinko Advanced position performs unexpectedly, JiShi 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 JiShi Media will offset losses from the drop in JiShi Media's long position.| Orinko Advanced vs. Arrow Home Group | Orinko Advanced vs. Citic Guoan Wine | Orinko Advanced vs. Shanghai Jinfeng Wine | Orinko Advanced vs. Kidswant Children Products |
| JiShi Media vs. Southchip Semiconductor Technology | JiShi Media vs. Yuanjie Semiconductor Technology | JiShi Media vs. Western Metal Materials | JiShi Media vs. Tibet Huayu 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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