Correlation Between ShuYu Civilian and Ming Yang
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By analyzing existing cross correlation between ShuYu Civilian Pharmacy and Ming Yang Smart, you can compare the effects of market volatilities on ShuYu Civilian 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 ShuYu Civilian with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of ShuYu Civilian and Ming Yang.
Diversification Opportunities for ShuYu Civilian and Ming Yang
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ShuYu and Ming is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding ShuYu Civilian Pharmacy 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 ShuYu Civilian 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 ShuYu Civilian Pharmacy 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 ShuYu Civilian i.e., ShuYu Civilian and Ming Yang go up and down completely randomly.
Pair Corralation between ShuYu Civilian and Ming Yang
Assuming the 90 days trading horizon ShuYu Civilian Pharmacy is expected to under-perform the Ming Yang. In addition to that, ShuYu Civilian is 1.04 times more volatile than Ming Yang Smart. It trades about -0.1 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 1,253 in Ming Yang Smart on October 17, 2024 and sell it today you would lose (141.00) from holding Ming Yang Smart or give up 11.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ShuYu Civilian Pharmacy vs. Ming Yang Smart
Performance |
| Timeline |
| ShuYu Civilian Pharmacy |
| Ming Yang Smart |
ShuYu Civilian and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ShuYu Civilian and Ming Yang
The main advantage of trading using opposite ShuYu Civilian and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ShuYu Civilian 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.| ShuYu Civilian vs. Ming Yang Smart | ShuYu Civilian vs. 159681 | ShuYu Civilian vs. 159005 | ShuYu Civilian vs. Loctek Ergonomic Technology |
| Ming Yang vs. Dongfeng Automobile Co | Ming Yang vs. Nanxing Furniture Machinery | Ming Yang vs. Songz Automobile Air | Ming Yang vs. Anhui Jianghuai Automobile |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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