Correlation Between Ming Yang and Shanghai Zhangjiang
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By analyzing existing cross correlation between Ming Yang Smart and Shanghai Zhangjiang Hi Tech, you can compare the effects of market volatilities on Ming Yang and Shanghai Zhangjiang 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 Shanghai Zhangjiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Shanghai Zhangjiang.
Diversification Opportunities for Ming Yang and Shanghai Zhangjiang
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Shanghai is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Shanghai Zhangjiang Hi Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Zhangjiang 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 Shanghai Zhangjiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Zhangjiang has no effect on the direction of Ming Yang i.e., Ming Yang and Shanghai Zhangjiang go up and down completely randomly.
Pair Corralation between Ming Yang and Shanghai Zhangjiang
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Shanghai Zhangjiang. In addition to that, Ming Yang is 1.27 times more volatile than Shanghai Zhangjiang Hi Tech. It trades about -0.31 of its total potential returns per unit of risk. Shanghai Zhangjiang Hi Tech is currently generating about -0.16 per unit of volatility. If you would invest 2,550 in Shanghai Zhangjiang Hi Tech on November 3, 2024 and sell it today you would lose (140.00) from holding Shanghai Zhangjiang Hi Tech or give up 5.49% 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. Shanghai Zhangjiang Hi Tech
Performance |
| Timeline |
| Ming Yang Smart |
| Shanghai Zhangjiang |
Ming Yang and Shanghai Zhangjiang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Shanghai Zhangjiang
The main advantage of trading using opposite Ming Yang and Shanghai Zhangjiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Shanghai Zhangjiang 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 Shanghai Zhangjiang will offset losses from the drop in Shanghai Zhangjiang's long position.| Ming Yang vs. Guangzhou KDT Machinery | Ming Yang vs. Longjian Road Bridge | Ming Yang vs. Tjk Machinery Tianjin | Ming Yang vs. Shenzhen Zhongzhuang Construction |
| Shanghai Zhangjiang vs. Jiajia Food Group | Shanghai Zhangjiang vs. Shanghai Ziyan Foods | Shanghai Zhangjiang vs. Shaanxi Meineng Clean | Shanghai Zhangjiang vs. Yankershop Food 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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