Correlation Between Ming Yang and Guangzhou Seagull
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ming Yang Smart and Guangzhou Seagull Kitchen, you can compare the effects of market volatilities on Ming Yang and Guangzhou Seagull 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 Guangzhou Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Guangzhou Seagull.
Diversification Opportunities for Ming Yang and Guangzhou Seagull
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Guangzhou is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Guangzhou Seagull Kitchen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Seagull Kitchen 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 Guangzhou Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Seagull Kitchen has no effect on the direction of Ming Yang i.e., Ming Yang and Guangzhou Seagull go up and down completely randomly.
Pair Corralation between Ming Yang and Guangzhou Seagull
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.09 times more return on investment than Guangzhou Seagull. However, Ming Yang is 1.09 times more volatile than Guangzhou Seagull Kitchen. It trades about 0.11 of its potential returns per unit of risk. Guangzhou Seagull Kitchen is currently generating about 0.1 per unit of risk. If you would invest 1,023 in Ming Yang Smart on September 5, 2024 and sell it today you would earn a total of 445.00 from holding Ming Yang Smart or generate 43.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Guangzhou Seagull Kitchen
Performance |
| Timeline |
| Ming Yang Smart |
| Guangzhou Seagull Kitchen |
Ming Yang and Guangzhou Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Guangzhou Seagull
The main advantage of trading using opposite Ming Yang and Guangzhou Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Guangzhou Seagull 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 Guangzhou Seagull will offset losses from the drop in Guangzhou Seagull's long position.| Ming Yang vs. Kingsignal Technology Co | Ming Yang vs. Shandong Mining Machinery | Ming Yang vs. Jiangxi Selon Industrial | Ming Yang vs. Hainan Mining Co |
| Guangzhou Seagull vs. Ming Yang Smart | Guangzhou Seagull vs. 159681 | Guangzhou Seagull vs. 159005 | Guangzhou Seagull 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| 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 | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |