Correlation Between Ming Yang and Qingdao Citymedia
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By analyzing existing cross correlation between Ming Yang Smart and Qingdao Citymedia Co, you can compare the effects of market volatilities on Ming Yang and Qingdao Citymedia 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 Qingdao Citymedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Qingdao Citymedia.
Diversification Opportunities for Ming Yang and Qingdao Citymedia
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ming and Qingdao is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Qingdao Citymedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Citymedia 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 Qingdao Citymedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Citymedia has no effect on the direction of Ming Yang i.e., Ming Yang and Qingdao Citymedia go up and down completely randomly.
Pair Corralation between Ming Yang and Qingdao Citymedia
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.36 times more return on investment than Qingdao Citymedia. However, Ming Yang is 1.36 times more volatile than Qingdao Citymedia Co. It trades about 0.11 of its potential returns per unit of risk. Qingdao Citymedia Co is currently generating about 0.05 per unit of risk. If you would invest 1,023 in Ming Yang Smart on September 5, 2024 and sell it today you would earn a total of 445.00 from holding Ming Yang Smart or generate 43.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Qingdao Citymedia Co
Performance |
| Timeline |
| Ming Yang Smart |
| Qingdao Citymedia |
Ming Yang and Qingdao Citymedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Qingdao Citymedia
The main advantage of trading using opposite Ming Yang and Qingdao Citymedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Qingdao Citymedia 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 Qingdao Citymedia will offset losses from the drop in Qingdao Citymedia's long position.| Ming Yang vs. Kingsignal Technology Co | Ming Yang vs. Shandong Mining Machinery | Ming Yang vs. Jiangxi Selon Industrial | Ming Yang vs. Hainan Mining Co |
| Qingdao Citymedia vs. Ming Yang Smart | Qingdao Citymedia vs. 159681 | Qingdao Citymedia vs. 159005 | Qingdao Citymedia vs. 516220 |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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