Correlation Between Changjiang Publishing and Ming Yang
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By analyzing existing cross correlation between Changjiang Publishing Media and Ming Yang Smart, you can compare the effects of market volatilities on Changjiang Publishing 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 Changjiang Publishing with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Ming Yang.
Diversification Opportunities for Changjiang Publishing and Ming Yang
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Changjiang and Ming is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media 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 Changjiang Publishing 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 Changjiang Publishing Media 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 Changjiang Publishing i.e., Changjiang Publishing and Ming Yang go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Ming Yang
Assuming the 90 days trading horizon Changjiang Publishing is expected to generate 1.06 times less return on investment than Ming Yang. But when comparing it to its historical volatility, Changjiang Publishing Media is 1.32 times less risky than Ming Yang. It trades about 0.15 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,326 in Ming Yang Smart on September 13, 2024 and sell it today you would earn a total of 96.00 from holding Ming Yang Smart or generate 7.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Ming Yang Smart
Performance |
| Timeline |
| Changjiang Publishing |
| Ming Yang Smart |
Changjiang Publishing and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Ming Yang
The main advantage of trading using opposite Changjiang Publishing and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing 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.| Changjiang Publishing vs. Ming Yang Smart | Changjiang Publishing vs. 159681 | Changjiang Publishing vs. 159005 | Changjiang Publishing vs. Loctek Ergonomic Technology |
| Ming Yang vs. Shenyang Huitian Thermal | Ming Yang vs. Beijing HuaYuanYiTong Thermal | Ming Yang vs. Zhejiang Yayi Metal | Ming Yang vs. Luyin Investment Group |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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