Correlation Between Visa and Oriental Times
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By analyzing existing cross correlation between Visa Class A and Oriental Times Media, you can compare the effects of market volatilities on Visa and Oriental Times 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 Visa with a short position of Oriental Times. Check out your portfolio center. Please also check ongoing floating volatility patterns of Visa and Oriental Times.
Diversification Opportunities for Visa and Oriental Times
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Visa and Oriental is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Visa Class A and Oriental Times Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oriental Times Media and Visa 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 Visa Class A are associated (or correlated) with Oriental Times. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oriental Times Media has no effect on the direction of Visa i.e., Visa and Oriental Times go up and down completely randomly.
Pair Corralation between Visa and Oriental Times
Taking into account the 90-day investment horizon Visa is expected to generate 1.96 times less return on investment than Oriental Times. But when comparing it to its historical volatility, Visa Class A is 3.43 times less risky than Oriental Times. It trades about 0.08 of its potential returns per unit of risk. Oriental Times Media is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 290.00 in Oriental Times Media on August 29, 2024 and sell it today you would earn a total of 141.00 from holding Oriental Times Media or generate 48.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 96.44% |
| Values | Daily Returns |
Visa Class A vs. Oriental Times Media
Performance |
| Timeline |
| Visa Class A |
| Oriental Times Media |
Visa and Oriental Times Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Visa and Oriental Times
The main advantage of trading using opposite Visa and Oriental Times positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Visa position performs unexpectedly, Oriental Times 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 Oriental Times will offset losses from the drop in Oriental Times' long position.| Visa vs. American Express | Visa vs. Morningstar Unconstrained Allocation | Visa vs. Sitka Gold Corp | Visa vs. MSCI ACWI exAUCONSUMER |
| Oriental Times vs. Industrial and Commercial | Oriental Times vs. China Construction Bank | Oriental Times vs. Agricultural Bank of | Oriental Times vs. Bank of China |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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