Correlation Between Ming Yang and Shandong
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By analyzing existing cross correlation between Ming Yang Smart and Shandong Hi Speed RoadBridge, you can compare the effects of market volatilities on Ming Yang and Shandong 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 Ming Yang with a short position of Shandong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Shandong.
Diversification Opportunities for Ming Yang and Shandong
Very poor diversification
The 3 months correlation between Ming and Shandong is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Shandong Hi Speed RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Hi Speed and Ming Yang 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 Ming Yang Smart are associated (or correlated) with Shandong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Hi Speed has no effect on the direction of Ming Yang i.e., Ming Yang and Shandong go up and down completely randomly.
Pair Corralation between Ming Yang and Shandong
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.81 times more return on investment than Shandong. However, Ming Yang is 1.81 times more volatile than Shandong Hi Speed RoadBridge. It trades about 0.24 of its potential returns per unit of risk. Shandong Hi Speed RoadBridge is currently generating about -0.09 per unit of risk. If you would invest 1,253 in Ming Yang Smart on September 17, 2024 and sell it today you would earn a total of 189.00 from holding Ming Yang Smart or generate 15.08% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Ming Yang Smart vs. Shandong Hi Speed RoadBridge
Performance |
Timeline |
Ming Yang Smart |
Shandong Hi Speed |
Ming Yang and Shandong Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ming Yang and Shandong
The main advantage of trading using opposite Ming Yang and Shandong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Shandong 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 Shandong will offset losses from the drop in Shandong's long position.Ming Yang vs. Wintao Communications Co | Ming Yang vs. Sunwave Communications Co | Ming Yang vs. Wuhan Yangtze Communication | Ming Yang vs. Dongfeng Automobile Co |
Shandong vs. Ming Yang Smart | Shandong vs. 159681 | Shandong vs. 159005 | Shandong vs. Loctek Ergonomic Technology |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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