Correlation Between Ming Yang and Ningbo MedicalSystem
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By analyzing existing cross correlation between Ming Yang Smart and Ningbo MedicalSystem Biotechnology, you can compare the effects of market volatilities on Ming Yang and Ningbo MedicalSystem 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 Ningbo MedicalSystem. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Ningbo MedicalSystem.
Diversification Opportunities for Ming Yang and Ningbo MedicalSystem
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Ningbo is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Ningbo MedicalSystem Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo MedicalSystem 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 Ningbo MedicalSystem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo MedicalSystem has no effect on the direction of Ming Yang i.e., Ming Yang and Ningbo MedicalSystem go up and down completely randomly.
Pair Corralation between Ming Yang and Ningbo MedicalSystem
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Ningbo MedicalSystem. In addition to that, Ming Yang is 1.73 times more volatile than Ningbo MedicalSystem Biotechnology. It trades about -0.31 of its total potential returns per unit of risk. Ningbo MedicalSystem Biotechnology is currently generating about 0.03 per unit of volatility. If you would invest 1,015 in Ningbo MedicalSystem Biotechnology on November 3, 2024 and sell it today you would earn a total of 6.00 from holding Ningbo MedicalSystem Biotechnology or generate 0.59% 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. Ningbo MedicalSystem Biotechno
Performance |
| Timeline |
| Ming Yang Smart |
| Ningbo MedicalSystem |
Ming Yang and Ningbo MedicalSystem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Ningbo MedicalSystem
The main advantage of trading using opposite Ming Yang and Ningbo MedicalSystem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Ningbo MedicalSystem 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 Ningbo MedicalSystem will offset losses from the drop in Ningbo MedicalSystem's long position.| Ming Yang vs. Guangzhou KDT Machinery | Ming Yang vs. Longjian Road Bridge | Ming Yang vs. Tjk Machinery Tianjin | Ming Yang vs. Shenzhen Zhongzhuang Construction |
| Ningbo MedicalSystem vs. Kweichow Moutai Co | Ningbo MedicalSystem vs. G bits Network Technology | Ningbo MedicalSystem vs. Anhui Gujing Distillery | Ningbo MedicalSystem vs. Anhui Gujing Distillery |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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