Correlation Between CNPC Capital and Ming Yang
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By analyzing existing cross correlation between CNPC Capital Co and Ming Yang Smart, you can compare the effects of market volatilities on CNPC Capital 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 CNPC Capital with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNPC Capital and Ming Yang.
Diversification Opportunities for CNPC Capital and Ming Yang
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CNPC and Ming is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding CNPC Capital Co 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 CNPC Capital 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 CNPC Capital Co 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 CNPC Capital i.e., CNPC Capital and Ming Yang go up and down completely randomly.
Pair Corralation between CNPC Capital and Ming Yang
Assuming the 90 days trading horizon CNPC Capital Co is expected to generate 0.65 times more return on investment than Ming Yang. However, CNPC Capital Co is 1.53 times less risky than Ming Yang. It trades about -0.13 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.14 per unit of risk. If you would invest 738.00 in CNPC Capital Co on September 28, 2024 and sell it today you would lose (29.00) from holding CNPC Capital Co or give up 3.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNPC Capital Co vs. Ming Yang Smart
Performance |
| Timeline |
| CNPC Capital |
| Ming Yang Smart |
CNPC Capital and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNPC Capital and Ming Yang
The main advantage of trading using opposite CNPC Capital and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNPC Capital 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.| CNPC Capital vs. Ming Yang Smart | CNPC Capital vs. 159681 | CNPC Capital vs. 159005 | CNPC Capital vs. Loctek Ergonomic Technology |
| Ming Yang vs. Cicc Fund Management | Ming Yang vs. UE Furniture Co | Ming Yang vs. Xiamen Goldenhome Co | Ming Yang vs. DO Home Collection |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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