Correlation Between Loctek Ergonomic and Ming Yang
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Ming Yang Smart, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Ming Yang.
Diversification Opportunities for Loctek Ergonomic and Ming Yang
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Loctek and Ming is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology 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 Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and Ming Yang go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Ming Yang
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 1.27 times more return on investment than Ming Yang. However, Loctek Ergonomic is 1.27 times more volatile than Ming Yang Smart. It trades about 0.03 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 1,302 in Loctek Ergonomic Technology on August 28, 2024 and sell it today you would earn a total of 425.00 from holding Loctek Ergonomic Technology or generate 32.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Ming Yang Smart
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| Ming Yang Smart |
Loctek Ergonomic and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Ming Yang
The main advantage of trading using opposite Loctek Ergonomic and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Leaguer Shenzhen MicroElectronics | Loctek Ergonomic vs. CSSC Offshore Marine | Loctek Ergonomic vs. Kunshan Guoli Electronic | Loctek Ergonomic vs. Easyhome New Retail |
| Ming Yang vs. Hubei Xingfa Chemicals | Ming Yang vs. JCHX Mining Management | Ming Yang vs. Nexchip Semiconductor Corp | Ming Yang vs. Uroica Mining Safety |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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