Correlation Between Ming Yang and Iat Automobile
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By analyzing existing cross correlation between Ming Yang Smart and Iat Automobile Technology, you can compare the effects of market volatilities on Ming Yang and Iat Automobile 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 Iat Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Iat Automobile.
Diversification Opportunities for Ming Yang and Iat Automobile
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ming and Iat is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Iat Automobile Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iat Automobile Technology 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 Iat Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iat Automobile Technology has no effect on the direction of Ming Yang i.e., Ming Yang and Iat Automobile go up and down completely randomly.
Pair Corralation between Ming Yang and Iat Automobile
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Iat Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Ming Yang Smart is 1.73 times less risky than Iat Automobile. The stock trades about -0.21 of its potential returns per unit of risk. The Iat Automobile Technology is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 1,053 in Iat Automobile Technology on November 4, 2024 and sell it today you would earn a total of 120.00 from holding Iat Automobile Technology or generate 11.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Iat Automobile Technology
Performance |
| Timeline |
| Ming Yang Smart |
| Iat Automobile Technology |
Ming Yang and Iat Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Iat Automobile
The main advantage of trading using opposite Ming Yang and Iat Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Iat Automobile 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 Iat Automobile will offset losses from the drop in Iat Automobile's long position.| Ming Yang vs. Tongxing Environmental Protection | Ming Yang vs. Shenzhen MYS Environmental | Ming Yang vs. Humanwell Healthcare Group | Ming Yang vs. Healthcare Co |
| Iat Automobile vs. Sublime China Information | Iat Automobile vs. HengFeng Information Technology | Iat Automobile vs. Tianjin Silvery Dragon | Iat Automobile vs. YLZ Information Tech |
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 CEOs Directory module to screen CEOs from public companies around the world.
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