Correlation Between Dook Media and Ming Yang
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By analyzing existing cross correlation between Dook Media Group and Ming Yang Smart, you can compare the effects of market volatilities on Dook Media 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 Dook Media with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dook Media and Ming Yang.
Diversification Opportunities for Dook Media and Ming Yang
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Dook and Ming is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Dook Media Group 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 Dook Media 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 Dook Media Group 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 Dook Media i.e., Dook Media and Ming Yang go up and down completely randomly.
Pair Corralation between Dook Media and Ming Yang
Assuming the 90 days trading horizon Dook Media Group is expected to generate 1.84 times more return on investment than Ming Yang. However, Dook Media is 1.84 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 -0.03 per unit of risk. If you would invest 949.00 in Dook Media Group on September 12, 2024 and sell it today you would earn a total of 231.00 from holding Dook Media Group or generate 24.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dook Media Group vs. Ming Yang Smart
Performance |
| Timeline |
| Dook Media Group |
| Ming Yang Smart |
Dook Media and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dook Media and Ming Yang
The main advantage of trading using opposite Dook Media and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dook Media 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.| Dook Media vs. Kweichow Moutai Co | Dook Media vs. Shenzhen Mindray Bio Medical | Dook Media vs. G bits Network Technology | Dook Media vs. Beijing Roborock Technology |
| Ming Yang vs. Jiangyin Jianghua Microelectronics | Ming Yang vs. HaiXin Foods Co | Ming Yang vs. Fujian Anjoy Foods | Ming Yang vs. Success Electronics |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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