Correlation Between Wuhan Yangtze and MayAir Technology
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By analyzing existing cross correlation between Wuhan Yangtze Communication and MayAir Technology Co, you can compare the effects of market volatilities on Wuhan Yangtze and MayAir Technology 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 Wuhan Yangtze with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Yangtze and MayAir Technology.
Diversification Opportunities for Wuhan Yangtze and MayAir Technology
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Wuhan and MayAir is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Yangtze Communication and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and Wuhan Yangtze 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 Wuhan Yangtze Communication are associated (or correlated) with MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Wuhan Yangtze i.e., Wuhan Yangtze and MayAir Technology go up and down completely randomly.
Pair Corralation between Wuhan Yangtze and MayAir Technology
Assuming the 90 days trading horizon Wuhan Yangtze Communication is expected to generate 1.0 times more return on investment than MayAir Technology. However, Wuhan Yangtze is 1.0 times more volatile than MayAir Technology Co. It trades about 0.27 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.11 per unit of risk. If you would invest 1,511 in Wuhan Yangtze Communication on September 2, 2024 and sell it today you would earn a total of 1,458 from holding Wuhan Yangtze Communication or generate 96.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Yangtze Communication vs. MayAir Technology Co
Performance |
| Timeline |
| Wuhan Yangtze Commun |
| MayAir Technology |
Wuhan Yangtze and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Yangtze and MayAir Technology
The main advantage of trading using opposite Wuhan Yangtze and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Yangtze position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Wuhan Yangtze vs. Industrial and Commercial | Wuhan Yangtze vs. Kweichow Moutai Co | Wuhan Yangtze vs. Agricultural Bank of | Wuhan Yangtze vs. China Mobile Limited |
| MayAir Technology vs. Cultural Investment Holdings | MayAir Technology vs. Gome Telecom Equipment | MayAir Technology vs. Bus Online Co | MayAir Technology vs. Holitech Technology Co |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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