Correlation Between Ming Yang and Dezhan HealthCare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ming Yang Smart and Dezhan HealthCare Co, you can compare the effects of market volatilities on Ming Yang and Dezhan HealthCare 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 Dezhan HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Dezhan HealthCare.
Diversification Opportunities for Ming Yang and Dezhan HealthCare
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Dezhan is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Dezhan HealthCare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dezhan HealthCare 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 Dezhan HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dezhan HealthCare has no effect on the direction of Ming Yang i.e., Ming Yang and Dezhan HealthCare go up and down completely randomly.
Pair Corralation between Ming Yang and Dezhan HealthCare
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Dezhan HealthCare. But the stock apears to be less risky and, when comparing its historical volatility, Ming Yang Smart is 2.52 times less risky than Dezhan HealthCare. The stock trades about -0.65 of its potential returns per unit of risk. The Dezhan HealthCare Co is currently generating about -0.16 of returns per unit of risk over similar time horizon. If you would invest 384.00 in Dezhan HealthCare Co on October 10, 2024 and sell it today you would lose (77.00) from holding Dezhan HealthCare Co or give up 20.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ming Yang Smart vs. Dezhan HealthCare Co
Performance |
| Timeline |
| Ming Yang Smart |
| Dezhan HealthCare |
Ming Yang and Dezhan HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Dezhan HealthCare
The main advantage of trading using opposite Ming Yang and Dezhan HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Dezhan HealthCare 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 Dezhan HealthCare will offset losses from the drop in Dezhan HealthCare's long position.| Ming Yang vs. Sharetronic Data Technology | Ming Yang vs. Guangzhou Ruoyuchen Information | Ming Yang vs. Zoje Resources Investment | Ming Yang vs. Shanghai Material Trading |
| Dezhan HealthCare vs. Ming Yang Smart | Dezhan HealthCare vs. 159681 | Dezhan HealthCare vs. 159005 | Dezhan HealthCare 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |