Correlation Between Kingsignal Technology and Ming Yang
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By analyzing existing cross correlation between Kingsignal Technology Co and Ming Yang Smart, you can compare the effects of market volatilities on Kingsignal Technology 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 Kingsignal Technology with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and Ming Yang.
Diversification Opportunities for Kingsignal Technology and Ming Yang
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kingsignal and Ming is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology 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 Kingsignal Technology 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 Kingsignal Technology 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 Kingsignal Technology i.e., Kingsignal Technology and Ming Yang go up and down completely randomly.
Pair Corralation between Kingsignal Technology and Ming Yang
Assuming the 90 days trading horizon Kingsignal Technology Co is expected to generate 1.66 times more return on investment than Ming Yang. However, Kingsignal Technology is 1.66 times more volatile than Ming Yang Smart. It trades about 0.4 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.15 per unit of risk. If you would invest 940.00 in Kingsignal Technology Co on November 27, 2024 and sell it today you would earn a total of 202.00 from holding Kingsignal Technology Co or generate 21.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsignal Technology Co vs. Ming Yang Smart
Performance |
| Timeline |
| Kingsignal Technology |
| Ming Yang Smart |
Kingsignal Technology and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsignal Technology and Ming Yang
The main advantage of trading using opposite Kingsignal Technology and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology 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.| Kingsignal Technology vs. Wasu Media Holding | Kingsignal Technology vs. Caihong Display Devices | Kingsignal Technology vs. TVZone Media Co | Kingsignal Technology vs. JiShi Media Co |
| Ming Yang vs. Anji Foodstuff Co | Ming Yang vs. Zhongshan Broad Ocean Motor | Ming Yang vs. RoadMain T Co | Ming Yang vs. Shuhua Sports 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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