Correlation Between DO Home and Ming Yang
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By analyzing existing cross correlation between DO Home Collection and Ming Yang Smart, you can compare the effects of market volatilities on DO Home 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 DO Home with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of DO Home and Ming Yang.
Diversification Opportunities for DO Home and Ming Yang
Almost no diversification
The 3 months correlation between 002798 and Ming is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding DO Home Collection 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 DO Home 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 DO Home Collection 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 DO Home i.e., DO Home and Ming Yang go up and down completely randomly.
Pair Corralation between DO Home and Ming Yang
Assuming the 90 days trading horizon DO Home Collection is expected to generate 1.26 times more return on investment than Ming Yang. However, DO Home is 1.26 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 -0.05 per unit of risk. If you would invest 824.00 in DO Home Collection on September 28, 2024 and sell it today you would lose (427.00) from holding DO Home Collection or give up 51.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
DO Home Collection vs. Ming Yang Smart
Performance |
| Timeline |
| DO Home Collection |
| Ming Yang Smart |
DO Home and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DO Home and Ming Yang
The main advantage of trading using opposite DO Home and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DO Home 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.| DO Home vs. Xinjiang Baodi Mining | DO Home vs. Cofco Biochemical Anhui | DO Home vs. Shenyang Chemical Industry | DO Home vs. Hainan Mining Co |
| Ming Yang vs. Cicc Fund Management | Ming Yang vs. UE Furniture Co | Ming Yang vs. Xiamen Goldenhome Co | Ming Yang vs. DO Home Collection |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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