Correlation Between Ming Yang and Shandong Sinoglory
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By analyzing existing cross correlation between Ming Yang Smart and Shandong Sinoglory Health, you can compare the effects of market volatilities on Ming Yang and Shandong Sinoglory 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 Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Shandong Sinoglory.
Diversification Opportunities for Ming Yang and Shandong Sinoglory
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Shandong is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health 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 Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Ming Yang i.e., Ming Yang and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Ming Yang and Shandong Sinoglory
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.51 times more return on investment than Shandong Sinoglory. However, Ming Yang is 1.51 times more volatile than Shandong Sinoglory Health. It trades about 0.03 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about -0.07 per unit of risk. If you would invest 1,275 in Ming Yang Smart on September 24, 2024 and sell it today you would earn a total of 15.00 from holding Ming Yang Smart or generate 1.18% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 95.45% |
Values | Daily Returns |
Ming Yang Smart vs. Shandong Sinoglory Health
Performance |
Timeline |
Ming Yang Smart |
Shandong Sinoglory Health |
Ming Yang and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ming Yang and Shandong Sinoglory
The main advantage of trading using opposite Ming Yang and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Shandong Sinoglory 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 Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.Ming Yang vs. Jiangsu Xinri E Vehicle | Ming Yang vs. Beijing Mainstreets Investment | Ming Yang vs. Postal Savings Bank | Ming Yang vs. Ningbo Fangzheng Automobile |
Shandong Sinoglory vs. Ming Yang Smart | Shandong Sinoglory vs. 159681 | Shandong Sinoglory vs. 159005 | Shandong Sinoglory 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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