Correlation Between ZYF Lopsking and Ming Yang
Specify exactly 2 symbols:
By analyzing existing cross correlation between ZYF Lopsking Aluminum and Ming Yang Smart, you can compare the effects of market volatilities on ZYF Lopsking 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 ZYF Lopsking with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZYF Lopsking and Ming Yang.
Diversification Opportunities for ZYF Lopsking and Ming Yang
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ZYF and Ming is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding ZYF Lopsking Aluminum 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 ZYF Lopsking 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 ZYF Lopsking Aluminum 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 ZYF Lopsking i.e., ZYF Lopsking and Ming Yang go up and down completely randomly.
Pair Corralation between ZYF Lopsking and Ming Yang
Assuming the 90 days trading horizon ZYF Lopsking Aluminum is expected to generate 1.15 times more return on investment than Ming Yang. However, ZYF Lopsking is 1.15 times more volatile than Ming Yang Smart. It trades about 0.0 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.07 per unit of risk. If you would invest 617.00 in ZYF Lopsking Aluminum on October 29, 2024 and sell it today you would lose (81.00) from holding ZYF Lopsking Aluminum or give up 13.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ZYF Lopsking Aluminum vs. Ming Yang Smart
Performance |
| Timeline |
| ZYF Lopsking Aluminum |
| Ming Yang Smart |
ZYF Lopsking and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZYF Lopsking and Ming Yang
The main advantage of trading using opposite ZYF Lopsking and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZYF Lopsking 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.| ZYF Lopsking vs. Zijin Mining Group | ZYF Lopsking vs. Wanhua Chemical Group | ZYF Lopsking vs. Baoshan Iron Steel | ZYF Lopsking vs. Shandong Gold Mining |
| Ming Yang vs. Eyebright Medical Technology | Ming Yang vs. Anhui Fuhuang Steel | Ming Yang vs. Kangping Technology Co | Ming Yang vs. Jiujiang Shanshui Technology |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |