Correlation Between Heren Health and Ming Yang
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By analyzing existing cross correlation between Heren Health Co and Ming Yang Smart, you can compare the effects of market volatilities on Heren Health 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 Heren Health with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heren Health and Ming Yang.
Diversification Opportunities for Heren Health and Ming Yang
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Heren and Ming is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Heren Health 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 Heren Health 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 Heren Health 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 Heren Health i.e., Heren Health and Ming Yang go up and down completely randomly.
Pair Corralation between Heren Health and Ming Yang
Assuming the 90 days trading horizon Heren Health Co is expected to under-perform the Ming Yang. In addition to that, Heren Health is 1.49 times more volatile than Ming Yang Smart. It trades about -0.03 of its total potential returns per unit of risk. Ming Yang Smart is currently generating about 0.08 per unit of volatility. If you would invest 1,204 in Ming Yang Smart on August 29, 2024 and sell it today you would earn a total of 48.00 from holding Ming Yang Smart or generate 3.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heren Health Co vs. Ming Yang Smart
Performance |
| Timeline |
| Heren Health |
| Ming Yang Smart |
Heren Health and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heren Health and Ming Yang
The main advantage of trading using opposite Heren Health and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heren Health 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.| Heren Health vs. Industrial and Commercial | Heren Health vs. China Construction Bank | Heren Health vs. Agricultural Bank of | Heren Health vs. Bank of China |
| Ming Yang vs. Kingsignal Technology Co | Ming Yang vs. Eastern Air Logistics | Ming Yang vs. Harbin Air Conditioning | Ming Yang vs. Oppein Home Group |
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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