Correlation Between Ming Yang and Andon Health
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By analyzing existing cross correlation between Ming Yang Smart and Andon Health Co, you can compare the effects of market volatilities on Ming Yang and Andon Health 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 Andon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Andon Health.
Diversification Opportunities for Ming Yang and Andon Health
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Andon is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Andon Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andon Health 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 Andon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andon Health has no effect on the direction of Ming Yang i.e., Ming Yang and Andon Health go up and down completely randomly.
Pair Corralation between Ming Yang and Andon Health
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Andon Health. In addition to that, Ming Yang is 1.13 times more volatile than Andon Health Co. It trades about -0.05 of its total potential returns per unit of risk. Andon Health Co is currently generating about 0.0 per unit of volatility. If you would invest 4,688 in Andon Health Co on September 26, 2024 and sell it today you would lose (460.00) from holding Andon Health Co or give up 9.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Andon Health Co
Performance |
| Timeline |
| Ming Yang Smart |
| Andon Health |
Ming Yang and Andon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Andon Health
The main advantage of trading using opposite Ming Yang and Andon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Andon Health 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 Andon Health will offset losses from the drop in Andon Health's long position.| Ming Yang vs. Chengdu Xinzhu RoadBridge | Ming Yang vs. MayAir Technology Co | Ming Yang vs. Longjian Road Bridge | Ming Yang vs. Jinsanjiang Silicon Material |
| Andon Health vs. New China Life | Andon Health vs. Ming Yang Smart | Andon Health vs. 159681 | Andon Health vs. 159005 |
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 CEOs Directory module to screen CEOs from public companies around the world.
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