Correlation Between Iat Automobile and Mingchen Health
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By analyzing existing cross correlation between Iat Automobile Technology and Mingchen Health Co, you can compare the effects of market volatilities on Iat Automobile and Mingchen Health 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 Iat Automobile with a short position of Mingchen Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Mingchen Health.
Diversification Opportunities for Iat Automobile and Mingchen Health
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Iat and Mingchen is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Mingchen Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mingchen Health and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with Mingchen Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mingchen Health has no effect on the direction of Iat Automobile i.e., Iat Automobile and Mingchen Health go up and down completely randomly.
Pair Corralation between Iat Automobile and Mingchen Health
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 1.01 times more return on investment than Mingchen Health. However, Iat Automobile is 1.01 times more volatile than Mingchen Health Co. It trades about 0.02 of its potential returns per unit of risk. Mingchen Health Co is currently generating about 0.0 per unit of risk. If you would invest 1,282 in Iat Automobile Technology on August 26, 2024 and sell it today you would lose (31.00) from holding Iat Automobile Technology or give up 2.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Mingchen Health Co
Performance |
| Timeline |
| Iat Automobile Technology |
| Mingchen Health |
Iat Automobile and Mingchen Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Mingchen Health
The main advantage of trading using opposite Iat Automobile and Mingchen Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Mingchen Health 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 Mingchen Health will offset losses from the drop in Mingchen Health's long position.| Iat Automobile vs. Anhui Jianghuai Automobile | Iat Automobile vs. Tongyu Communication | Iat Automobile vs. CITIC Metal Co | Iat Automobile vs. Jiangxi Selon Industrial |
| Mingchen Health vs. Industrial and Commercial | Mingchen Health vs. China Construction Bank | Mingchen Health vs. Bank of China | Mingchen Health vs. Agricultural Bank of |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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