Correlation Between Ming Yang and Songz Automobile
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By analyzing existing cross correlation between Ming Yang Smart and Songz Automobile Air, you can compare the effects of market volatilities on Ming Yang and Songz Automobile 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 Songz Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Songz Automobile.
Diversification Opportunities for Ming Yang and Songz Automobile
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ming and Songz is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Songz Automobile Air in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Songz Automobile Air 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 Songz Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Songz Automobile Air has no effect on the direction of Ming Yang i.e., Ming Yang and Songz Automobile go up and down completely randomly.
Pair Corralation between Ming Yang and Songz Automobile
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Songz Automobile. In addition to that, Ming Yang is 1.21 times more volatile than Songz Automobile Air. It trades about -0.21 of its total potential returns per unit of risk. Songz Automobile Air is currently generating about 0.32 per unit of volatility. If you would invest 611.00 in Songz Automobile Air on November 4, 2024 and sell it today you would earn a total of 58.00 from holding Songz Automobile Air or generate 9.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Songz Automobile Air
Performance |
| Timeline |
| Ming Yang Smart |
| Songz Automobile Air |
Ming Yang and Songz Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Songz Automobile
The main advantage of trading using opposite Ming Yang and Songz Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Songz Automobile 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 Songz Automobile will offset losses from the drop in Songz Automobile's long position.| Ming Yang vs. Guangzhou KDT Machinery | Ming Yang vs. Longjian Road Bridge | Ming Yang vs. Tjk Machinery Tianjin | Ming Yang vs. Shenzhen Zhongzhuang Construction |
| Songz Automobile vs. Nantong JiangTian Chemical | Songz Automobile vs. Ningbo Bohui Chemical | Songz Automobile vs. Shandong Rike Chemical | Songz Automobile vs. Shenzhen Noposion Agrochemicals |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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