Correlation Between HaiXin Foods and Ming Yang
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By analyzing existing cross correlation between HaiXin Foods Co and Ming Yang Smart, you can compare the effects of market volatilities on HaiXin Foods 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 HaiXin Foods with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Ming Yang.
Diversification Opportunities for HaiXin Foods and Ming Yang
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HaiXin and Ming is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods 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 HaiXin Foods 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 HaiXin Foods 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 HaiXin Foods i.e., HaiXin Foods and Ming Yang go up and down completely randomly.
Pair Corralation between HaiXin Foods and Ming Yang
Assuming the 90 days trading horizon HaiXin Foods Co is expected to generate 1.15 times more return on investment than Ming Yang. However, HaiXin Foods is 1.15 times more volatile than Ming Yang Smart. It trades about 0.12 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.08 per unit of risk. If you would invest 398.00 in HaiXin Foods Co on December 2, 2024 and sell it today you would earn a total of 19.00 from holding HaiXin Foods Co or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Ming Yang Smart
Performance |
| Timeline |
| HaiXin Foods |
| Ming Yang Smart |
HaiXin Foods and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Ming Yang
The main advantage of trading using opposite HaiXin Foods and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods 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.| HaiXin Foods vs. Tsingtao Brewery Co | HaiXin Foods vs. Huizhou Speed Wireless | HaiXin Foods vs. Fujian Oriental Silver | HaiXin Foods vs. Jahen Household Products |
| Ming Yang vs. Eastroc Beverage Group | Ming Yang vs. Qingdao Foods Co | Ming Yang vs. JCHX Mining Management | Ming Yang vs. Shanghai Ziyan Foods |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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