Correlation Between Ming Yang and Bosera CMSK
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By analyzing existing cross correlation between Ming Yang Smart and Bosera CMSK Industrial, you can compare the effects of market volatilities on Ming Yang and Bosera CMSK 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 Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Bosera CMSK.
Diversification Opportunities for Ming Yang and Bosera CMSK
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ming and Bosera is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Bosera CMSK Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosera CMSK Industrial 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 Bosera CMSK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosera CMSK Industrial has no effect on the direction of Ming Yang i.e., Ming Yang and Bosera CMSK go up and down completely randomly.
Pair Corralation between Ming Yang and Bosera CMSK
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Bosera CMSK. In addition to that, Ming Yang is 2.12 times more volatile than Bosera CMSK Industrial. It trades about -0.39 of its total potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.38 per unit of volatility. If you would invest 199.00 in Bosera CMSK Industrial on October 25, 2024 and sell it today you would earn a total of 18.00 from holding Bosera CMSK Industrial or generate 9.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ming Yang Smart vs. Bosera CMSK Industrial
Performance |
| Timeline |
| Ming Yang Smart |
| Bosera CMSK Industrial |
Ming Yang and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Bosera CMSK
The main advantage of trading using opposite Ming Yang and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Bosera CMSK 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 Bosera CMSK will offset losses from the drop in Bosera CMSK's long position.| Ming Yang vs. Shanghai Broadband Technology | Ming Yang vs. Quectel Wireless Solutions | Ming Yang vs. Shaanxi Broadcast TV | Ming Yang vs. Sichuan Fulin Transportation |
| Bosera CMSK vs. Gansu Jiu Steel | Bosera CMSK vs. Ming Yang Smart | Bosera CMSK vs. Aba Chemicals Corp | Bosera CMSK vs. Loctek Ergonomic Technology |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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