Correlation Between Chinese Universe and Ming Yang
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By analyzing existing cross correlation between Chinese Universe Publishing and Ming Yang Smart, you can compare the effects of market volatilities on Chinese Universe 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 Chinese Universe with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chinese Universe and Ming Yang.
Diversification Opportunities for Chinese Universe and Ming Yang
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chinese and Ming is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Chinese Universe Publishing 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 Chinese Universe 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 Chinese Universe Publishing 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 Chinese Universe i.e., Chinese Universe and Ming Yang go up and down completely randomly.
Pair Corralation between Chinese Universe and Ming Yang
Assuming the 90 days trading horizon Chinese Universe Publishing is expected to generate 1.05 times more return on investment than Ming Yang. However, Chinese Universe is 1.05 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 0.0 per unit of risk. If you would invest 1,176 in Chinese Universe Publishing on September 12, 2024 and sell it today you would earn a total of 167.00 from holding Chinese Universe Publishing or generate 14.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chinese Universe Publishing vs. Ming Yang Smart
Performance |
| Timeline |
| Chinese Universe Pub |
| Ming Yang Smart |
Chinese Universe and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chinese Universe and Ming Yang
The main advantage of trading using opposite Chinese Universe and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chinese Universe 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.| Chinese Universe vs. Kweichow Moutai Co | Chinese Universe vs. Shenzhen Mindray Bio Medical | Chinese Universe vs. G bits Network Technology | Chinese Universe 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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