Correlation Between Ming Yang and Blue Sail
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By analyzing existing cross correlation between Ming Yang Smart and Blue Sail Medical, you can compare the effects of market volatilities on Ming Yang and Blue Sail 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 Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Blue Sail.
Diversification Opportunities for Ming Yang and Blue Sail
Almost no diversification
The 3 months correlation between Ming and Blue is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical 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 Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Ming Yang i.e., Ming Yang and Blue Sail go up and down completely randomly.
Pair Corralation between Ming Yang and Blue Sail
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Blue Sail. In addition to that, Ming Yang is 1.25 times more volatile than Blue Sail Medical. It trades about -0.14 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about -0.14 per unit of volatility. If you would invest 550.00 in Blue Sail Medical on September 28, 2024 and sell it today you would lose (30.00) from holding Blue Sail Medical or give up 5.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Blue Sail Medical
Performance |
| Timeline |
| Ming Yang Smart |
| Blue Sail Medical |
Ming Yang and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Blue Sail
The main advantage of trading using opposite Ming Yang and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Ming Yang vs. Cicc Fund Management | Ming Yang vs. UE Furniture Co | Ming Yang vs. Xiamen Goldenhome Co | Ming Yang vs. DO Home Collection |
| Blue Sail vs. Guangzhou Boji Medical | Blue Sail vs. Ningbo MedicalSystem Biotechnology | Blue Sail vs. Touchstone International Medical | Blue Sail vs. Easyhome New Retail |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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