Correlation Between Ming Yang and Xiamen Insight
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By analyzing existing cross correlation between Ming Yang Smart and Xiamen Insight Investment, you can compare the effects of market volatilities on Ming Yang and Xiamen Insight 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 Ming Yang with a short position of Xiamen Insight. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Xiamen Insight.
Diversification Opportunities for Ming Yang and Xiamen Insight
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ming and Xiamen is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Xiamen Insight Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Insight Investment and Ming Yang 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 Ming Yang Smart are associated (or correlated) with Xiamen Insight. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Insight Investment has no effect on the direction of Ming Yang i.e., Ming Yang and Xiamen Insight go up and down completely randomly.
Pair Corralation between Ming Yang and Xiamen Insight
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Xiamen Insight. In addition to that, Ming Yang is 1.14 times more volatile than Xiamen Insight Investment. It trades about -0.36 of its total potential returns per unit of risk. Xiamen Insight Investment is currently generating about -0.11 per unit of volatility. If you would invest 4,324 in Xiamen Insight Investment on October 26, 2024 and sell it today you would lose (225.00) from holding Xiamen Insight Investment or give up 5.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Xiamen Insight Investment
Performance |
| Timeline |
| Ming Yang Smart |
| Xiamen Insight Investment |
Ming Yang and Xiamen Insight Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Xiamen Insight
The main advantage of trading using opposite Ming Yang and Xiamen Insight positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Xiamen Insight 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 Xiamen Insight will offset losses from the drop in Xiamen Insight's long position.| Ming Yang vs. Zhonghang Electronic Measuring | Ming Yang vs. Sichuan Yahua Industrial | Ming Yang vs. Semiconductor Manufacturing Electronics | Ming Yang vs. Guangdong Ellington Electronics |
| Xiamen Insight vs. Ming Yang Smart | Xiamen Insight vs. 159681 | Xiamen Insight vs. 159005 | Xiamen Insight vs. Loctek Ergonomic Technology |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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