Correlation Between Mango Excellent and Ningbo Construction
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By analyzing existing cross correlation between Mango Excellent Media and Ningbo Construction Co, you can compare the effects of market volatilities on Mango Excellent and Ningbo Construction 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 Mango Excellent with a short position of Ningbo Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Ningbo Construction.
Diversification Opportunities for Mango Excellent and Ningbo Construction
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mango and Ningbo is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Ningbo Construction Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Construction and Mango Excellent 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 Mango Excellent Media are associated (or correlated) with Ningbo Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Construction has no effect on the direction of Mango Excellent i.e., Mango Excellent and Ningbo Construction go up and down completely randomly.
Pair Corralation between Mango Excellent and Ningbo Construction
Assuming the 90 days trading horizon Mango Excellent Media is expected to generate 0.7 times more return on investment than Ningbo Construction. However, Mango Excellent Media is 1.43 times less risky than Ningbo Construction. It trades about 0.14 of its potential returns per unit of risk. Ningbo Construction Co is currently generating about 0.09 per unit of risk. If you would invest 2,658 in Mango Excellent Media on August 28, 2024 and sell it today you would earn a total of 222.00 from holding Mango Excellent Media or generate 8.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Ningbo Construction Co
Performance |
| Timeline |
| Mango Excellent Media |
| Ningbo Construction |
Mango Excellent and Ningbo Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Ningbo Construction
The main advantage of trading using opposite Mango Excellent and Ningbo Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Ningbo Construction 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 Ningbo Construction will offset losses from the drop in Ningbo Construction's long position.| Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. 159681 | Mango Excellent vs. 159005 | Mango Excellent vs. Loctek Ergonomic Technology |
| Ningbo Construction vs. Ming Yang Smart | Ningbo Construction vs. 159681 | Ningbo Construction vs. 159005 | Ningbo Construction vs. Loctek Ergonomic Technology |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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