Correlation Between Bosera CMSK and Ming Yang
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By analyzing existing cross correlation between Bosera CMSK Industrial and Ming Yang Smart, you can compare the effects of market volatilities on Bosera CMSK and Ming Yang 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 Bosera CMSK with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bosera CMSK and Ming Yang.
Diversification Opportunities for Bosera CMSK and Ming Yang
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bosera and Ming is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Bosera CMSK Industrial and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart and Bosera CMSK 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 Bosera CMSK Industrial are associated (or correlated) with Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Bosera CMSK i.e., Bosera CMSK and Ming Yang go up and down completely randomly.
Pair Corralation between Bosera CMSK and Ming Yang
Assuming the 90 days trading horizon Bosera CMSK is expected to generate 18.58 times less return on investment than Ming Yang. But when comparing it to its historical volatility, Bosera CMSK Industrial is 5.06 times less risky than Ming Yang. It trades about 0.08 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 834.00 in Ming Yang Smart on September 15, 2024 and sell it today you would earn a total of 608.00 from holding Ming Yang Smart or generate 72.9% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Bosera CMSK Industrial vs. Ming Yang Smart
Performance |
Timeline |
Bosera CMSK Industrial |
Ming Yang Smart |
Bosera CMSK and Ming Yang Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bosera CMSK and Ming Yang
The main advantage of trading using opposite Bosera CMSK and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bosera CMSK position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.Bosera CMSK vs. BTG Hotels Group | ||
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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