Correlation Between Ming Yang and ShuYu Civilian
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By analyzing existing cross correlation between Ming Yang Smart and ShuYu Civilian Pharmacy, you can compare the effects of market volatilities on Ming Yang and ShuYu Civilian 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 ShuYu Civilian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and ShuYu Civilian.
Diversification Opportunities for Ming Yang and ShuYu Civilian
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ming and ShuYu is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and ShuYu Civilian Pharmacy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ShuYu Civilian Pharmacy 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 ShuYu Civilian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ShuYu Civilian Pharmacy has no effect on the direction of Ming Yang i.e., Ming Yang and ShuYu Civilian go up and down completely randomly.
Pair Corralation between Ming Yang and ShuYu Civilian
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 0.96 times more return on investment than ShuYu Civilian. However, Ming Yang Smart is 1.04 times less risky than ShuYu Civilian. It trades about -0.08 of its potential returns per unit of risk. ShuYu Civilian Pharmacy is currently generating about -0.1 per unit of risk. If you would invest 1,253 in Ming Yang Smart on October 17, 2024 and sell it today you would lose (141.00) from holding Ming Yang Smart or give up 11.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. ShuYu Civilian Pharmacy
Performance |
| Timeline |
| Ming Yang Smart |
| ShuYu Civilian Pharmacy |
Ming Yang and ShuYu Civilian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and ShuYu Civilian
The main advantage of trading using opposite Ming Yang and ShuYu Civilian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, ShuYu Civilian 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 ShuYu Civilian will offset losses from the drop in ShuYu Civilian's long position.| Ming Yang vs. Dongfeng Automobile Co | Ming Yang vs. Nanxing Furniture Machinery | Ming Yang vs. Songz Automobile Air | Ming Yang vs. Anhui Jianghuai Automobile |
| ShuYu Civilian vs. Ming Yang Smart | ShuYu Civilian vs. 159681 | ShuYu Civilian vs. 159005 | ShuYu Civilian 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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