Correlation Between Inner Mongolia and Malion New
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By analyzing existing cross correlation between Inner Mongolia BaoTou and Malion New Materials, you can compare the effects of market volatilities on Inner Mongolia and Malion New 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 Inner Mongolia with a short position of Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inner Mongolia and Malion New.
Diversification Opportunities for Inner Mongolia and Malion New
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Inner and Malion is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Inner Mongolia BaoTou and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials and Inner Mongolia 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 Inner Mongolia BaoTou are associated (or correlated) with Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Inner Mongolia i.e., Inner Mongolia and Malion New go up and down completely randomly.
Pair Corralation between Inner Mongolia and Malion New
Assuming the 90 days trading horizon Inner Mongolia BaoTou is expected to generate 1.04 times more return on investment than Malion New. However, Inner Mongolia is 1.04 times more volatile than Malion New Materials. It trades about 0.21 of its potential returns per unit of risk. Malion New Materials is currently generating about 0.09 per unit of risk. If you would invest 163.00 in Inner Mongolia BaoTou on August 25, 2024 and sell it today you would earn a total of 31.00 from holding Inner Mongolia BaoTou or generate 19.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inner Mongolia BaoTou vs. Malion New Materials
Performance |
| Timeline |
| Inner Mongolia BaoTou |
| Malion New Materials |
Inner Mongolia and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inner Mongolia and Malion New
The main advantage of trading using opposite Inner Mongolia and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inner Mongolia position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Inner Mongolia vs. Focus Media Information | Inner Mongolia vs. Qilu Bank Co | Inner Mongolia vs. Dalian Zeus Entertainment | Inner Mongolia vs. Jiangsu Financial Leasing |
| Malion New vs. Shenzhen MYS Environmental | Malion New vs. Jiangsu Jinling Sports | Malion New vs. Anhui Gujing Distillery | Malion New vs. Ningbo Ligong Online |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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