Correlation Between Ming Yang and Anhui Gujing
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By analyzing existing cross correlation between Ming Yang Smart and Anhui Gujing Distillery, you can compare the effects of market volatilities on Ming Yang and Anhui Gujing 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 Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Anhui Gujing.
Diversification Opportunities for Ming Yang and Anhui Gujing
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Anhui is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery 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 Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Ming Yang i.e., Ming Yang and Anhui Gujing go up and down completely randomly.
Pair Corralation between Ming Yang and Anhui Gujing
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Anhui Gujing. In addition to that, Ming Yang is 1.52 times more volatile than Anhui Gujing Distillery. It trades about -0.3 of its total potential returns per unit of risk. Anhui Gujing Distillery is currently generating about 0.02 per unit of volatility. If you would invest 17,500 in Anhui Gujing Distillery on October 23, 2024 and sell it today you would earn a total of 88.00 from holding Anhui Gujing Distillery or generate 0.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Ming Yang Smart vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Ming Yang Smart |
| Anhui Gujing Distillery |
Ming Yang and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Anhui Gujing
The main advantage of trading using opposite Ming Yang and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| Ming Yang vs. Guangzhou Zhujiang Brewery | Ming Yang vs. Heilongjiang Transport Development | Ming Yang vs. Cansino Biologics | Ming Yang vs. Elite Color Environmental |
| Anhui Gujing vs. Ming Yang Smart | Anhui Gujing vs. 159681 | Anhui Gujing vs. 159005 | Anhui Gujing 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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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