Correlation Between Shenyang Huitian and Ming Yang
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Ming Yang Smart, you can compare the effects of market volatilities on Shenyang Huitian 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 Shenyang Huitian with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Ming Yang.
Diversification Opportunities for Shenyang Huitian and Ming Yang
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenyang and Ming is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal 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 Shenyang Huitian 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 Shenyang Huitian Thermal 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 Shenyang Huitian i.e., Shenyang Huitian and Ming Yang go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Ming Yang
Assuming the 90 days trading horizon Shenyang Huitian is expected to generate 9.35 times less return on investment than Ming Yang. But when comparing it to its historical volatility, Shenyang Huitian Thermal is 1.36 times less risky than Ming Yang. It trades about 0.02 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,326 in Ming Yang Smart on September 13, 2024 and sell it today you would earn a total of 123.00 from holding Ming Yang Smart or generate 9.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Ming Yang Smart
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Ming Yang Smart |
Shenyang Huitian and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Ming Yang
The main advantage of trading using opposite Shenyang Huitian and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian 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.| Shenyang Huitian vs. Agricultural Bank of | Shenyang Huitian vs. Industrial and Commercial | Shenyang Huitian vs. Bank of China | Shenyang Huitian vs. PetroChina Co Ltd |
| Ming Yang vs. Xilinmen Furniture Co | Ming Yang vs. Jiangxi Hengda Hi Tech | Ming Yang vs. Wintao Communications Co | Ming Yang vs. Zhangjiagang Freetrade Science |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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