Correlation Between Kangyue Technology and Ming Yang
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By analyzing existing cross correlation between Kangyue Technology Co and Ming Yang Smart, you can compare the effects of market volatilities on Kangyue 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 Kangyue Technology with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kangyue Technology and Ming Yang.
Diversification Opportunities for Kangyue Technology and Ming Yang
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kangyue and Ming is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Kangyue 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 Kangyue 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 Kangyue 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 Kangyue Technology i.e., Kangyue Technology and Ming Yang go up and down completely randomly.
Pair Corralation between Kangyue Technology and Ming Yang
Assuming the 90 days trading horizon Kangyue Technology Co is expected to generate 2.12 times more return on investment than Ming Yang. However, Kangyue Technology is 2.12 times more volatile than Ming Yang Smart. It trades about 0.01 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.03 per unit of risk. If you would invest 1,121 in Kangyue Technology Co on September 5, 2024 and sell it today you would lose (407.00) from holding Kangyue Technology Co or give up 36.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kangyue Technology Co vs. Ming Yang Smart
Performance |
| Timeline |
| Kangyue Technology |
| Ming Yang Smart |
Kangyue Technology and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kangyue Technology and Ming Yang
The main advantage of trading using opposite Kangyue Technology and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kangyue 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.| Kangyue Technology vs. Ming Yang Smart | Kangyue Technology vs. 159681 | Kangyue Technology vs. 159005 | Kangyue Technology vs. Loctek Ergonomic Technology |
| Ming Yang vs. Kingsignal Technology Co | Ming Yang vs. Shandong Mining Machinery | Ming Yang vs. Jiangxi Selon Industrial | Ming Yang vs. Hainan Mining 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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