Correlation Between ZheJiang Haers and Ming Yang
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By analyzing existing cross correlation between ZheJiang Haers Vacuum and Ming Yang Smart, you can compare the effects of market volatilities on ZheJiang Haers 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 ZheJiang Haers with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZheJiang Haers and Ming Yang.
Diversification Opportunities for ZheJiang Haers and Ming Yang
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between ZheJiang and Ming is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding ZheJiang Haers Vacuum 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 ZheJiang Haers 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 ZheJiang Haers Vacuum 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 ZheJiang Haers i.e., ZheJiang Haers and Ming Yang go up and down completely randomly.
Pair Corralation between ZheJiang Haers and Ming Yang
Assuming the 90 days trading horizon ZheJiang Haers Vacuum is expected to generate 1.19 times more return on investment than Ming Yang. However, ZheJiang Haers is 1.19 times more volatile than Ming Yang Smart. It trades about 0.04 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.03 per unit of risk. If you would invest 695.00 in ZheJiang Haers Vacuum on September 3, 2024 and sell it today you would earn a total of 155.00 from holding ZheJiang Haers Vacuum or generate 22.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ZheJiang Haers Vacuum vs. Ming Yang Smart
Performance |
| Timeline |
| ZheJiang Haers Vacuum |
| Ming Yang Smart |
ZheJiang Haers and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZheJiang Haers and Ming Yang
The main advantage of trading using opposite ZheJiang Haers and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZheJiang Haers 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.| ZheJiang Haers vs. Double Medical Technology | ZheJiang Haers vs. Allmed Medical Products | ZheJiang Haers vs. Sinocat Environmental Technology | ZheJiang Haers vs. Dongjiang Environmental Co |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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