Correlation Between Ming Yang and SAIC
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By analyzing existing cross correlation between Ming Yang Smart and SAIC Motor Corp, you can compare the effects of market volatilities on Ming Yang and SAIC 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 SAIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and SAIC.
Diversification Opportunities for Ming Yang and SAIC
Very weak diversification
The 3 months correlation between Ming and SAIC is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and SAIC Motor Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAIC Motor Corp 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 SAIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAIC Motor Corp has no effect on the direction of Ming Yang i.e., Ming Yang and SAIC go up and down completely randomly.
Pair Corralation between Ming Yang and SAIC
Assuming the 90 days trading horizon Ming Yang is expected to generate 3.36 times less return on investment than SAIC. But when comparing it to its historical volatility, Ming Yang Smart is 1.36 times less risky than SAIC. It trades about 0.04 of its potential returns per unit of risk. SAIC Motor Corp is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,320 in SAIC Motor Corp on October 15, 2024 and sell it today you would earn a total of 307.00 from holding SAIC Motor Corp or generate 23.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. SAIC Motor Corp
Performance |
| Timeline |
| Ming Yang Smart |
| SAIC Motor Corp |
Ming Yang and SAIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and SAIC
The main advantage of trading using opposite Ming Yang and SAIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, SAIC 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 SAIC will offset losses from the drop in SAIC's long position.| Ming Yang vs. Ye Chiu Metal | Ming Yang vs. Aluminum Corp of | Ming Yang vs. ZYF Lopsking Aluminum | Ming Yang vs. Lecron Energy Saving |
| SAIC vs. Kontour Medical Technology | SAIC vs. Chongqing Shunbo Aluminum | SAIC vs. Winner Medical Co | SAIC vs. Eyebright Medical 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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