Correlation Between NAURA Technology and Ming Yang
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By analyzing existing cross correlation between NAURA Technology Group and Ming Yang Smart, you can compare the effects of market volatilities on NAURA Technology 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 NAURA Technology with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of NAURA Technology and Ming Yang.
Diversification Opportunities for NAURA Technology and Ming Yang
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NAURA and Ming is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding NAURA Technology Group 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 NAURA Technology 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 NAURA Technology Group 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 NAURA Technology i.e., NAURA Technology and Ming Yang go up and down completely randomly.
Pair Corralation between NAURA Technology and Ming Yang
Assuming the 90 days trading horizon NAURA Technology Group is expected to under-perform the Ming Yang. But the stock apears to be less risky and, when comparing its historical volatility, NAURA Technology Group is 1.83 times less risky than Ming Yang. The stock trades about -0.25 of its potential returns per unit of risk. The Ming Yang Smart is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,253 in Ming Yang Smart on September 19, 2024 and sell it today you would earn a total of 81.00 from holding Ming Yang Smart or generate 6.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
NAURA Technology Group vs. Ming Yang Smart
Performance |
| Timeline |
| NAURA Technology |
| Ming Yang Smart |
NAURA Technology and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NAURA Technology and Ming Yang
The main advantage of trading using opposite NAURA Technology and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NAURA Technology 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.| NAURA Technology vs. Kangping Technology Co | NAURA Technology vs. Guangzhou KingTeller Technology | NAURA Technology vs. Linewell Software Co | NAURA Technology vs. Fujian Longzhou Transportation |
| Ming Yang vs. Great Sun Foods Co | Ming Yang vs. Guilin Seamild Foods | Ming Yang vs. Leaguer Shenzhen MicroElectronics | Ming Yang vs. HaiXin Foods Co |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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