Correlation Between Ming Yang and Cofoe Medical
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By analyzing existing cross correlation between Ming Yang Smart and Cofoe Medical Technology, you can compare the effects of market volatilities on Ming Yang and Cofoe Medical 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 Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Cofoe Medical.
Diversification Opportunities for Ming Yang and Cofoe Medical
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ming and Cofoe is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical 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 Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Ming Yang i.e., Ming Yang and Cofoe Medical go up and down completely randomly.
Pair Corralation between Ming Yang and Cofoe Medical
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Cofoe Medical. In addition to that, Ming Yang is 1.32 times more volatile than Cofoe Medical Technology. It trades about -0.14 of its total potential returns per unit of risk. Cofoe Medical Technology is currently generating about -0.11 per unit of volatility. If you would invest 3,793 in Cofoe Medical Technology on September 28, 2024 and sell it today you would lose (145.00) from holding Cofoe Medical Technology or give up 3.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Ming Yang Smart vs. Cofoe Medical Technology
Performance |
| Timeline |
| Ming Yang Smart |
| Cofoe Medical Technology |
Ming Yang and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Cofoe Medical
The main advantage of trading using opposite Ming Yang and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Cofoe Medical 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| Ming Yang vs. Cicc Fund Management | Ming Yang vs. UE Furniture Co | Ming Yang vs. Xiamen Goldenhome Co | Ming Yang vs. DO Home Collection |
| Cofoe Medical vs. New China Life | Cofoe Medical vs. Ming Yang Smart | Cofoe Medical vs. 159681 | Cofoe Medical vs. 159005 |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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