Correlation Between Ming Yang and Harbin Air
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By analyzing existing cross correlation between Ming Yang Smart and Harbin Air Conditioning, you can compare the effects of market volatilities on Ming Yang and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Harbin Air.
Diversification Opportunities for Ming Yang and Harbin Air
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Harbin is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Ming Yang i.e., Ming Yang and Harbin Air go up and down completely randomly.
Pair Corralation between Ming Yang and Harbin Air
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Harbin Air. But the stock apears to be less risky and, when comparing its historical volatility, Ming Yang Smart is 1.21 times less risky than Harbin Air. The stock trades about -0.07 of its potential returns per unit of risk. The Harbin Air Conditioning is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 570.00 in Harbin Air Conditioning on November 6, 2024 and sell it today you would lose (124.00) from holding Harbin Air Conditioning or give up 21.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Harbin Air Conditioning
Performance |
| Timeline |
| Ming Yang Smart |
| Harbin Air Conditioning |
Ming Yang and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Harbin Air
The main advantage of trading using opposite Ming Yang and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Ming Yang vs. Citic Guoan Wine | Ming Yang vs. Youyou Foods Co | Ming Yang vs. Zhejiang Huatong Meat | Ming Yang vs. Zhongyin Babi Food |
| Harbin Air vs. Suzhou Weizhixiang Food | Harbin Air vs. Jiahe Foods Industry | Harbin Air vs. Guilin Seamild Foods | Harbin Air vs. Zhejiang Huatong Meat |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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