Correlation Between Yes Optoelectronics and Ming Yang
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By analyzing existing cross correlation between Yes Optoelectronics Co and Ming Yang Smart, you can compare the effects of market volatilities on Yes Optoelectronics 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 Yes Optoelectronics with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Optoelectronics and Ming Yang.
Diversification Opportunities for Yes Optoelectronics and Ming Yang
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yes and Ming is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Yes Optoelectronics 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 Yes Optoelectronics 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 Yes Optoelectronics 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 Yes Optoelectronics i.e., Yes Optoelectronics and Ming Yang go up and down completely randomly.
Pair Corralation between Yes Optoelectronics and Ming Yang
Assuming the 90 days trading horizon Yes Optoelectronics Co is expected to generate 2.29 times more return on investment than Ming Yang. However, Yes Optoelectronics is 2.29 times more volatile than Ming Yang Smart. It trades about -0.23 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.63 per unit of risk. If you would invest 2,710 in Yes Optoelectronics Co on October 14, 2024 and sell it today you would lose (669.00) from holding Yes Optoelectronics Co or give up 24.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yes Optoelectronics Co vs. Ming Yang Smart
Performance |
| Timeline |
| Yes Optoelectronics |
| Ming Yang Smart |
Yes Optoelectronics and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yes Optoelectronics and Ming Yang
The main advantage of trading using opposite Yes Optoelectronics and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Optoelectronics 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.| Yes Optoelectronics vs. Ningxia Younglight Chemicals | Yes Optoelectronics vs. Porton Fine Chemicals | Yes Optoelectronics vs. Duzhe Publishing Media | Yes Optoelectronics vs. Changjiang Publishing Media |
| Ming Yang vs. State Grid InformationCommunication | Ming Yang vs. Shenzhen Glory Medical | Ming Yang vs. Guangdong Transtek Medical | Ming Yang vs. Xiangyu Medical 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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