Correlation Between Ming Yang and Beijing Topnew
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By analyzing existing cross correlation between Ming Yang Smart and Beijing Topnew Info, you can compare the effects of market volatilities on Ming Yang and Beijing Topnew 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 Beijing Topnew. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Beijing Topnew.
Diversification Opportunities for Ming Yang and Beijing Topnew
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ming and Beijing is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Beijing Topnew Info in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Topnew Info 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 Beijing Topnew. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Topnew Info has no effect on the direction of Ming Yang i.e., Ming Yang and Beijing Topnew go up and down completely randomly.
Pair Corralation between Ming Yang and Beijing Topnew
Assuming the 90 days trading horizon Ming Yang is expected to generate 7.89 times less return on investment than Beijing Topnew. But when comparing it to its historical volatility, Ming Yang Smart is 2.86 times less risky than Beijing Topnew. It trades about 0.24 of its potential returns per unit of risk. Beijing Topnew Info is currently generating about 0.65 of returns per unit of risk over similar time horizon. If you would invest 2,971 in Beijing Topnew Info on November 28, 2024 and sell it today you would earn a total of 2,356 from holding Beijing Topnew Info or generate 79.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Beijing Topnew Info
Performance |
| Timeline |
| Ming Yang Smart |
| Beijing Topnew Info |
Ming Yang and Beijing Topnew Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Beijing Topnew
The main advantage of trading using opposite Ming Yang and Beijing Topnew positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Beijing Topnew 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 Beijing Topnew will offset losses from the drop in Beijing Topnew's long position.| Ming Yang vs. Bloomage Biotechnology Corp | Ming Yang vs. Shenzhen Bioeasy Biotechnology | Ming Yang vs. Sichuan Hebang Biotechnology | Ming Yang vs. Nsfocus Information Technology |
| Beijing Topnew vs. Suzhou Xingye Material | Beijing Topnew vs. Wankai New Materials | Beijing Topnew vs. Shanghai Yaoji Playing | Beijing Topnew vs. Everdisplay Optronics Shanghai |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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