Correlation Between Shenzhen MYS and Ming Yang
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Ming Yang Smart, you can compare the effects of market volatilities on Shenzhen MYS 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 Shenzhen MYS with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Ming Yang.
Diversification Opportunities for Shenzhen MYS and Ming Yang
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Ming is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental 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 Shenzhen MYS 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 Shenzhen MYS Environmental 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 Shenzhen MYS i.e., Shenzhen MYS and Ming Yang go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Ming Yang
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 0.94 times more return on investment than Ming Yang. However, Shenzhen MYS Environmental is 1.07 times less risky than Ming Yang. It trades about 0.04 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.04 per unit of risk. If you would invest 289.00 in Shenzhen MYS Environmental on September 3, 2024 and sell it today you would earn a total of 86.00 from holding Shenzhen MYS Environmental or generate 29.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Ming Yang Smart
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Ming Yang Smart |
Shenzhen MYS and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Ming Yang
The main advantage of trading using opposite Shenzhen MYS and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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.| Shenzhen MYS vs. Guangdong Liantai Environmental | Shenzhen MYS vs. Harvest Fund Management | Shenzhen MYS vs. Sanbo Hospital Management | Shenzhen MYS vs. Tianjin Capital Environmental |
| Ming Yang vs. Shenzhen Kexin Communication | Ming Yang vs. Wintao Communications Co | Ming Yang vs. China Sports Industry | Ming Yang vs. State Grid InformationCommunication |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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