Correlation Between 159005 and Ming Yang
Specify exactly 2 symbols:
By analyzing existing cross correlation between 159005 and Ming Yang Smart, you can compare the effects of market volatilities on 159005 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 159005 with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of 159005 and Ming Yang.
Diversification Opportunities for 159005 and Ming Yang
Very poor diversification
The 3 months correlation between 159005 and Ming is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding 159005 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 159005 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 159005 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 159005 i.e., 159005 and Ming Yang go up and down completely randomly.
Pair Corralation between 159005 and Ming Yang
Assuming the 90 days trading horizon 159005 is expected to generate 0.01 times more return on investment than Ming Yang. However, 159005 is 109.56 times less risky than Ming Yang. It trades about 0.13 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 9,869 in 159005 on August 24, 2024 and sell it today you would earn a total of 131.00 from holding 159005 or generate 1.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
159005 vs. Ming Yang Smart
Performance |
| Timeline |
| 159005 |
| Ming Yang Smart |
159005 and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 159005 and Ming Yang
The main advantage of trading using opposite 159005 and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 159005 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.| 159005 vs. Shenzhen MTC Co | 159005 vs. Ming Yang Smart | 159005 vs. Changzhou Almaden Co | 159005 vs. Loctek Ergonomic Technology |
| Ming Yang vs. Hoshine Silicon Ind | Ming Yang vs. Miracll Chemicals Co | Ming Yang vs. Vontron Technology Co | Ming Yang vs. Lander Sports Development |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |