Correlation Between Aluminum Corp and Ming Yang
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By analyzing existing cross correlation between Aluminum Corp of and Ming Yang Smart, you can compare the effects of market volatilities on Aluminum Corp 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 Aluminum Corp with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aluminum Corp and Ming Yang.
Diversification Opportunities for Aluminum Corp and Ming Yang
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aluminum and Ming is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Aluminum Corp of 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 Aluminum Corp 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 Aluminum Corp of 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 Aluminum Corp i.e., Aluminum Corp and Ming Yang go up and down completely randomly.
Pair Corralation between Aluminum Corp and Ming Yang
Assuming the 90 days trading horizon Aluminum Corp of is expected to generate 0.9 times more return on investment than Ming Yang. However, Aluminum Corp of is 1.11 times less risky than Ming Yang. It trades about 0.07 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 516.00 in Aluminum Corp of on October 16, 2024 and sell it today you would earn a total of 227.00 from holding Aluminum Corp of or generate 43.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aluminum Corp of vs. Ming Yang Smart
Performance |
| Timeline |
| Aluminum Corp |
| Ming Yang Smart |
Aluminum Corp and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aluminum Corp and Ming Yang
The main advantage of trading using opposite Aluminum Corp and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aluminum Corp 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.| Aluminum Corp vs. Anhui Transport Consulting | Aluminum Corp vs. Xiwang Foodstuffs Co | Aluminum Corp vs. Jiangsu Broadcasting Cable | Aluminum Corp vs. Jiahe Foods Industry |
| 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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