Correlation Between Ming Yang and Anhui Jianghuai
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By analyzing existing cross correlation between Ming Yang Smart and Anhui Jianghuai Automobile, you can compare the effects of market volatilities on Ming Yang and Anhui Jianghuai 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 Anhui Jianghuai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Anhui Jianghuai.
Diversification Opportunities for Ming Yang and Anhui Jianghuai
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Ming and Anhui is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Anhui Jianghuai Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jianghuai Auto 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 Anhui Jianghuai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jianghuai Auto has no effect on the direction of Ming Yang i.e., Ming Yang and Anhui Jianghuai go up and down completely randomly.
Pair Corralation between Ming Yang and Anhui Jianghuai
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Anhui Jianghuai. But the stock apears to be less risky and, when comparing its historical volatility, Ming Yang Smart is 1.22 times less risky than Anhui Jianghuai. The stock trades about -0.36 of its potential returns per unit of risk. The Anhui Jianghuai Automobile is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 3,866 in Anhui Jianghuai Automobile on October 25, 2024 and sell it today you would earn a total of 233.00 from holding Anhui Jianghuai Automobile or generate 6.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Anhui Jianghuai Automobile
Performance |
| Timeline |
| Ming Yang Smart |
| Anhui Jianghuai Auto |
Ming Yang and Anhui Jianghuai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Anhui Jianghuai
The main advantage of trading using opposite Ming Yang and Anhui Jianghuai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Anhui Jianghuai 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 Anhui Jianghuai will offset losses from the drop in Anhui Jianghuai's long position.| Ming Yang vs. Shanghai Broadband Technology | Ming Yang vs. Quectel Wireless Solutions | Ming Yang vs. Shaanxi Broadcast TV | Ming Yang vs. Sichuan Fulin Transportation |
| Anhui Jianghuai vs. PetroChina Co Ltd | Anhui Jianghuai vs. Gansu Jiu Steel | Anhui Jianghuai vs. Ming Yang Smart | Anhui Jianghuai vs. Aba Chemicals Corp |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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