Correlation Between Tianshui Huatian and Ming Yang
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By analyzing existing cross correlation between Tianshui Huatian Technology and Ming Yang Smart, you can compare the effects of market volatilities on Tianshui Huatian 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 Tianshui Huatian with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianshui Huatian and Ming Yang.
Diversification Opportunities for Tianshui Huatian and Ming Yang
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tianshui and Ming is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Tianshui Huatian Technology 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 Tianshui Huatian 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 Tianshui Huatian Technology 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 Tianshui Huatian i.e., Tianshui Huatian and Ming Yang go up and down completely randomly.
Pair Corralation between Tianshui Huatian and Ming Yang
Assuming the 90 days trading horizon Tianshui Huatian Technology is expected to under-perform the Ming Yang. But the stock apears to be less risky and, when comparing its historical volatility, Tianshui Huatian Technology is 1.03 times less risky than Ming Yang. The stock trades about -0.08 of its potential returns per unit of risk. The Ming Yang Smart is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,217 in Ming Yang Smart on September 3, 2024 and sell it today you would earn a total of 203.00 from holding Ming Yang Smart or generate 16.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianshui Huatian Technology vs. Ming Yang Smart
Performance |
| Timeline |
| Tianshui Huatian Tec |
| Ming Yang Smart |
Tianshui Huatian and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianshui Huatian and Ming Yang
The main advantage of trading using opposite Tianshui Huatian and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianshui Huatian 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.| Tianshui Huatian vs. Agricultural Bank of | Tianshui Huatian vs. China Construction Bank | Tianshui Huatian vs. Postal Savings Bank | Tianshui Huatian vs. Bank of Communications |
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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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