Correlation Between Ming Yang and Guangzhou Boji
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By analyzing existing cross correlation between Ming Yang Smart and Guangzhou Boji Medical, you can compare the effects of market volatilities on Ming Yang and Guangzhou Boji 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 Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Guangzhou Boji.
Diversification Opportunities for Ming Yang and Guangzhou Boji
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Guangzhou is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical 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 Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Ming Yang i.e., Ming Yang and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Ming Yang and Guangzhou Boji
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 0.86 times more return on investment than Guangzhou Boji. However, Ming Yang Smart is 1.16 times less risky than Guangzhou Boji. It trades about 0.19 of its potential returns per unit of risk. Guangzhou Boji Medical is currently generating about 0.09 per unit of risk. If you would invest 982.00 in Ming Yang Smart on August 28, 2024 and sell it today you would earn a total of 270.00 from holding Ming Yang Smart or generate 27.49% 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. Guangzhou Boji Medical
Performance |
| Timeline |
| Ming Yang Smart |
| Guangzhou Boji Medical |
Ming Yang and Guangzhou Boji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Guangzhou Boji
The main advantage of trading using opposite Ming Yang and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.| Ming Yang vs. Northern United Publishing | Ming Yang vs. Southern PublishingMedia Co | Ming Yang vs. Guangzhou Haige Communications | Ming Yang vs. China Publishing Media |
| Guangzhou Boji vs. Ming Yang Smart | Guangzhou Boji vs. 159681 | Guangzhou Boji vs. 159005 | Guangzhou Boji 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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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