Correlation Between Ming Yang and Ningbo Tech
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By analyzing existing cross correlation between Ming Yang Smart and Ningbo Tech Bank Co, you can compare the effects of market volatilities on Ming Yang and Ningbo Tech 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 Ningbo Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Ningbo Tech.
Diversification Opportunities for Ming Yang and Ningbo Tech
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Ningbo is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Ningbo Tech Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Tech Bank 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 Ningbo Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Tech Bank has no effect on the direction of Ming Yang i.e., Ming Yang and Ningbo Tech go up and down completely randomly.
Pair Corralation between Ming Yang and Ningbo Tech
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 0.92 times more return on investment than Ningbo Tech. However, Ming Yang Smart is 1.08 times less risky than Ningbo Tech. It trades about 0.1 of its potential returns per unit of risk. Ningbo Tech Bank Co is currently generating about 0.07 per unit of risk. If you would invest 1,009 in Ming Yang Smart on September 3, 2024 and sell it today you would earn a total of 411.00 from holding Ming Yang Smart or generate 40.73% 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. Ningbo Tech Bank Co
Performance |
| Timeline |
| Ming Yang Smart |
| Ningbo Tech Bank |
Ming Yang and Ningbo Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Ningbo Tech
The main advantage of trading using opposite Ming Yang and Ningbo Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Ningbo Tech 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 Ningbo Tech will offset losses from the drop in Ningbo Tech's long position.| Ming Yang vs. Shenzhen Kexin Communication | Ming Yang vs. Wintao Communications Co | Ming Yang vs. China Sports Industry | Ming Yang vs. State Grid InformationCommunication |
| Ningbo Tech vs. Beijing Wantai Biological | Ningbo Tech vs. Aluminum Corp of | Ningbo Tech vs. COL Digital Publishing | Ningbo Tech vs. Shaanxi Meineng Clean |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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