Correlation Between Bus Online and Ming Yang
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By analyzing existing cross correlation between Bus Online Co and Ming Yang Smart, you can compare the effects of market volatilities on Bus Online 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 Bus Online with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Ming Yang.
Diversification Opportunities for Bus Online and Ming Yang
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and Ming is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online 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 Bus Online 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 Bus Online 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 Bus Online i.e., Bus Online and Ming Yang go up and down completely randomly.
Pair Corralation between Bus Online and Ming Yang
Assuming the 90 days trading horizon Bus Online is expected to generate 1.57 times less return on investment than Ming Yang. But when comparing it to its historical volatility, Bus Online Co is 1.48 times less risky than Ming Yang. It trades about 0.08 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,338 in Ming Yang Smart on September 12, 2024 and sell it today you would earn a total of 68.00 from holding Ming Yang Smart or generate 5.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Ming Yang Smart
Performance |
| Timeline |
| Bus Online |
| Ming Yang Smart |
Bus Online and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Ming Yang
The main advantage of trading using opposite Bus Online and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online 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.| Bus Online vs. Gansu Jiu Steel | Bus Online vs. Shandong Mining Machinery | Bus Online vs. Aba Chemicals Corp | Bus Online vs. BlueFocus Communication Group |
| Ming Yang vs. Jiangyin Jianghua Microelectronics | Ming Yang vs. HaiXin Foods Co | Ming Yang vs. Fujian Anjoy Foods | Ming Yang vs. Success Electronics |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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