Correlation Between Ming Yang and Xingyuan Environment
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By analyzing existing cross correlation between Ming Yang Smart and Xingyuan Environment Technology, you can compare the effects of market volatilities on Ming Yang and Xingyuan Environment 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 Xingyuan Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Xingyuan Environment.
Diversification Opportunities for Ming Yang and Xingyuan Environment
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Xingyuan is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Xingyuan Environment Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xingyuan Environment 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 Xingyuan Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xingyuan Environment has no effect on the direction of Ming Yang i.e., Ming Yang and Xingyuan Environment go up and down completely randomly.
Pair Corralation between Ming Yang and Xingyuan Environment
Assuming the 90 days trading horizon Ming Yang is expected to generate 1.75 times less return on investment than Xingyuan Environment. But when comparing it to its historical volatility, Ming Yang Smart is 1.85 times less risky than Xingyuan Environment. It trades about 0.03 of its potential returns per unit of risk. Xingyuan Environment Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 306.00 in Xingyuan Environment Technology on September 2, 2024 and sell it today you would earn a total of 11.00 from holding Xingyuan Environment Technology or generate 3.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Xingyuan Environment Technolog
Performance |
| Timeline |
| Ming Yang Smart |
| Xingyuan Environment |
Ming Yang and Xingyuan Environment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Xingyuan Environment
The main advantage of trading using opposite Ming Yang and Xingyuan Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Xingyuan Environment 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 Xingyuan Environment will offset losses from the drop in Xingyuan Environment's long position.| Ming Yang vs. Jonjee Hi tech Industrial | Ming Yang vs. Central Plains Environment | Ming Yang vs. Shenzhen MYS Environmental | Ming Yang vs. Sichuan Yahua Industrial |
| Xingyuan Environment vs. New China Life | Xingyuan Environment vs. Ming Yang Smart | Xingyuan Environment vs. 159681 | Xingyuan Environment 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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