Correlation Between Sunny Loan and Ming Yang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sunny Loan Top and Ming Yang Smart, you can compare the effects of market volatilities on Sunny Loan 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 Sunny Loan with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Ming Yang.
Diversification Opportunities for Sunny Loan and Ming Yang
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sunny and Ming is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top 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 Sunny Loan 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 Sunny Loan Top 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 Sunny Loan i.e., Sunny Loan and Ming Yang go up and down completely randomly.
Pair Corralation between Sunny Loan and Ming Yang
Assuming the 90 days trading horizon Sunny Loan Top is expected to generate 0.84 times more return on investment than Ming Yang. However, Sunny Loan Top is 1.2 times less risky than Ming Yang. It trades about 0.19 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.05 per unit of risk. If you would invest 978.00 in Sunny Loan Top on September 25, 2024 and sell it today you would earn a total of 99.00 from holding Sunny Loan Top or generate 10.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Sunny Loan Top vs. Ming Yang Smart
Performance |
| Timeline |
| Sunny Loan Top |
| Ming Yang Smart |
Sunny Loan and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and Ming Yang
The main advantage of trading using opposite Sunny Loan and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan 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.| Sunny Loan vs. China World Trade | Sunny Loan vs. Ningbo Fangzheng Automobile | Sunny Loan vs. Ping An Insurance | Sunny Loan vs. Gansu Huangtai Wine marketing |
| Ming Yang vs. Chengdu Xinzhu RoadBridge | Ming Yang vs. MayAir Technology Co | Ming Yang vs. Longjian Road Bridge | Ming Yang vs. Jinsanjiang Silicon Material |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |