Correlation Between Harbin Air and Ming Yang
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By analyzing existing cross correlation between Harbin Air Conditioning and Ming Yang Smart, you can compare the effects of market volatilities on Harbin Air 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 Harbin Air with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Air and Ming Yang.
Diversification Opportunities for Harbin Air and Ming Yang
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harbin and Ming is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Air Conditioning 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 Harbin Air 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 Harbin Air Conditioning 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 Harbin Air i.e., Harbin Air and Ming Yang go up and down completely randomly.
Pair Corralation between Harbin Air and Ming Yang
Assuming the 90 days trading horizon Harbin Air Conditioning is expected to under-perform the Ming Yang. In addition to that, Harbin Air is 1.08 times more volatile than Ming Yang Smart. It trades about 0.0 of its total potential returns per unit of risk. Ming Yang Smart is currently generating about 0.01 per unit of volatility. If you would invest 1,447 in Ming Yang Smart on September 1, 2024 and sell it today you would lose (27.00) from holding Ming Yang Smart or give up 1.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Air Conditioning vs. Ming Yang Smart
Performance |
| Timeline |
| Harbin Air Conditioning |
| Ming Yang Smart |
Harbin Air and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Air and Ming Yang
The main advantage of trading using opposite Harbin Air and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Air 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.| Harbin Air vs. Industrial and Commercial | Harbin Air vs. Agricultural Bank of | Harbin Air vs. China Construction Bank | Harbin Air vs. Bank of China |
| Ming Yang vs. Xilong Chemical Co | Ming Yang vs. Wuxi Chemical Equipment | Ming Yang vs. Shenyang Chemical Industry | Ming Yang vs. Tianshui Huatian Technology |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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