Correlation Between Ming Yang and Xinjiang Tianshun
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By analyzing existing cross correlation between Ming Yang Smart and Xinjiang Tianshun Supply, you can compare the effects of market volatilities on Ming Yang and Xinjiang Tianshun 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 Xinjiang Tianshun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Xinjiang Tianshun.
Diversification Opportunities for Ming Yang and Xinjiang Tianshun
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Xinjiang is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Xinjiang Tianshun Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Tianshun Supply 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 Xinjiang Tianshun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Tianshun Supply has no effect on the direction of Ming Yang i.e., Ming Yang and Xinjiang Tianshun go up and down completely randomly.
Pair Corralation between Ming Yang and Xinjiang Tianshun
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.1 times more return on investment than Xinjiang Tianshun. However, Ming Yang is 1.1 times more volatile than Xinjiang Tianshun Supply. It trades about 0.26 of its potential returns per unit of risk. Xinjiang Tianshun Supply is currently generating about 0.2 per unit of risk. If you would invest 846.00 in Ming Yang Smart on September 12, 2024 and sell it today you would earn a total of 576.00 from holding Ming Yang Smart or generate 68.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Xinjiang Tianshun Supply
Performance |
| Timeline |
| Ming Yang Smart |
| Xinjiang Tianshun Supply |
Ming Yang and Xinjiang Tianshun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Xinjiang Tianshun
The main advantage of trading using opposite Ming Yang and Xinjiang Tianshun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Xinjiang Tianshun 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 Xinjiang Tianshun will offset losses from the drop in Xinjiang Tianshun's long position.| Ming Yang vs. Shenyang Huitian Thermal | Ming Yang vs. Beijing HuaYuanYiTong Thermal | Ming Yang vs. Zhejiang Yayi Metal | Ming Yang vs. Luyin Investment Group |
| Xinjiang Tianshun vs. Beijing SPC Environment | Xinjiang Tianshun vs. Hang Xiao Steel | Xinjiang Tianshun vs. King Strong New Material | Xinjiang Tianshun vs. Tianjin Capital Environmental |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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