Correlation Between Ming Yang and COL Digital
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By analyzing existing cross correlation between Ming Yang Smart and COL Digital Publishing, you can compare the effects of market volatilities on Ming Yang and COL Digital 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 COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and COL Digital.
Diversification Opportunities for Ming Yang and COL Digital
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and COL is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing 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 COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of Ming Yang i.e., Ming Yang and COL Digital go up and down completely randomly.
Pair Corralation between Ming Yang and COL Digital
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 0.7 times more return on investment than COL Digital. However, Ming Yang Smart is 1.42 times less risky than COL Digital. It trades about 0.29 of its potential returns per unit of risk. COL Digital Publishing is currently generating about 0.13 per unit of risk. If you would invest 1,217 in Ming Yang Smart on September 4, 2024 and sell it today you would earn a total of 252.00 from holding Ming Yang Smart or generate 20.71% 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. COL Digital Publishing
Performance |
| Timeline |
| Ming Yang Smart |
| COL Digital Publishing |
Ming Yang and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and COL Digital
The main advantage of trading using opposite Ming Yang and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital's long position.| Ming Yang vs. Quectel Wireless Solutions | Ming Yang vs. Bus Online Co | Ming Yang vs. Sanbo Hospital Management | Ming Yang vs. AVIC Fund Management |
| COL Digital vs. Lutian Machinery Co | COL Digital vs. China Longyuan Power | COL Digital vs. PetroChina Co Ltd | COL Digital vs. Bank of China |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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