Correlation Between Winner Medical and Ming Yang
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By analyzing existing cross correlation between Winner Medical Co and Ming Yang Smart, you can compare the effects of market volatilities on Winner Medical 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 Winner Medical with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Ming Yang.
Diversification Opportunities for Winner Medical and Ming Yang
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Winner and Ming is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical 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 Winner Medical 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 Winner Medical 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 Winner Medical i.e., Winner Medical and Ming Yang go up and down completely randomly.
Pair Corralation between Winner Medical and Ming Yang
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.98 times more return on investment than Ming Yang. However, Winner Medical Co is 1.02 times less risky than Ming Yang. It trades about 0.0 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 4,749 in Winner Medical Co on September 30, 2024 and sell it today you would lose (481.00) from holding Winner Medical Co or give up 10.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Ming Yang Smart
Performance |
| Timeline |
| Winner Medical |
| Ming Yang Smart |
Winner Medical and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Ming Yang
The main advantage of trading using opposite Winner Medical and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical 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.| Winner Medical vs. New China Life | Winner Medical vs. Ming Yang Smart | Winner Medical vs. 159681 | Winner Medical vs. 159005 |
| Ming Yang vs. Southchip Semiconductor Technology | Ming Yang vs. Jinsanjiang Silicon Material | Ming Yang vs. Shannon Semiconductor Technology | Ming Yang vs. Nexchip Semiconductor Corp |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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