Correlation Between Shaanxi Meineng and Ming Yang
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By analyzing existing cross correlation between Shaanxi Meineng Clean and Ming Yang Smart, you can compare the effects of market volatilities on Shaanxi Meineng 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 Shaanxi Meineng with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Meineng and Ming Yang.
Diversification Opportunities for Shaanxi Meineng and Ming Yang
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shaanxi and Ming is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Meineng Clean 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 Shaanxi Meineng 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 Shaanxi Meineng Clean 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 Shaanxi Meineng i.e., Shaanxi Meineng and Ming Yang go up and down completely randomly.
Pair Corralation between Shaanxi Meineng and Ming Yang
Assuming the 90 days trading horizon Shaanxi Meineng Clean is expected to under-perform the Ming Yang. In addition to that, Shaanxi Meineng is 1.1 times more volatile than Ming Yang Smart. It trades about -0.01 of its total potential returns per unit of risk. Ming Yang Smart is currently generating about 0.01 per unit of volatility. If you would invest 1,458 in Ming Yang Smart on September 14, 2024 and sell it today you would lose (9.00) from holding Ming Yang Smart or give up 0.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.62% |
| Values | Daily Returns |
Shaanxi Meineng Clean vs. Ming Yang Smart
Performance |
| Timeline |
| Shaanxi Meineng Clean |
| Ming Yang Smart |
Shaanxi Meineng and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Meineng and Ming Yang
The main advantage of trading using opposite Shaanxi Meineng and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Meineng 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.| Shaanxi Meineng vs. Ming Yang Smart | Shaanxi Meineng vs. 159681 | Shaanxi Meineng vs. 159005 | Shaanxi Meineng vs. Loctek Ergonomic Technology |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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