Correlation Between JCET Group and Ming Yang
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By analyzing existing cross correlation between JCET Group Co and Ming Yang Smart, you can compare the effects of market volatilities on JCET Group 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 JCET Group with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCET Group and Ming Yang.
Diversification Opportunities for JCET Group and Ming Yang
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCET and Ming is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding JCET Group Co 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 JCET Group 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 JCET Group Co 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 JCET Group i.e., JCET Group and Ming Yang go up and down completely randomly.
Pair Corralation between JCET Group and Ming Yang
Assuming the 90 days trading horizon JCET Group is expected to generate 1.38 times less return on investment than Ming Yang. In addition to that, JCET Group is 1.02 times more volatile than Ming Yang Smart. It trades about 0.03 of its total potential returns per unit of risk. Ming Yang Smart is currently generating about 0.04 per unit of volatility. If you would invest 1,022 in Ming Yang Smart on October 15, 2024 and sell it today you would earn a total of 52.00 from holding Ming Yang Smart or generate 5.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCET Group Co vs. Ming Yang Smart
Performance |
| Timeline |
| JCET Group |
| Ming Yang Smart |
JCET Group and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCET Group and Ming Yang
The main advantage of trading using opposite JCET Group and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCET Group 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.| JCET Group vs. Xiangyang Automobile Bearing | JCET Group vs. XinJiang GuoTong Pipeline | JCET Group vs. Fujian Wanchen Biotechnology | JCET Group vs. Wuhan Yangtze Communication |
| Ming Yang vs. Ye Chiu Metal | Ming Yang vs. Aluminum Corp of | Ming Yang vs. ZYF Lopsking Aluminum | Ming Yang vs. Lecron Energy Saving |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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