Correlation Between Ming Yang and Gansu Yasheng
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By analyzing existing cross correlation between Ming Yang Smart and Gansu Yasheng Industrial, you can compare the effects of market volatilities on Ming Yang and Gansu Yasheng 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 Gansu Yasheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Gansu Yasheng.
Diversification Opportunities for Ming Yang and Gansu Yasheng
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Gansu is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Gansu Yasheng Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Yasheng Industrial 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 Gansu Yasheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Yasheng Industrial has no effect on the direction of Ming Yang i.e., Ming Yang and Gansu Yasheng go up and down completely randomly.
Pair Corralation between Ming Yang and Gansu Yasheng
Assuming the 90 days trading horizon Ming Yang is expected to generate 1.23 times less return on investment than Gansu Yasheng. In addition to that, Ming Yang is 1.13 times more volatile than Gansu Yasheng Industrial. It trades about 0.16 of its total potential returns per unit of risk. Gansu Yasheng Industrial is currently generating about 0.22 per unit of volatility. If you would invest 289.00 in Gansu Yasheng Industrial on September 14, 2024 and sell it today you would earn a total of 39.00 from holding Gansu Yasheng Industrial or generate 13.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Gansu Yasheng Industrial
Performance |
| Timeline |
| Ming Yang Smart |
| Gansu Yasheng Industrial |
Ming Yang and Gansu Yasheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Gansu Yasheng
The main advantage of trading using opposite Ming Yang and Gansu Yasheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Gansu Yasheng 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 Gansu Yasheng will offset losses from the drop in Gansu Yasheng's long position.| Ming Yang vs. Xilinmen Furniture Co | Ming Yang vs. Jiangxi Hengda Hi Tech | Ming Yang vs. Wintao Communications Co | Ming Yang vs. Zhangjiagang Freetrade Science |
| Gansu Yasheng vs. Easyhome New Retail | Gansu Yasheng vs. China Sports Industry | Gansu Yasheng vs. Caihong Display Devices | Gansu Yasheng vs. Nuode Investment Co |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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