Correlation Between Ming Yang and Jiangsu Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ming Yang Smart and Jiangsu Financial Leasing, you can compare the effects of market volatilities on Ming Yang and Jiangsu Financial 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 Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Jiangsu Financial.
Diversification Opportunities for Ming Yang and Jiangsu Financial
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Jiangsu is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Jiangsu Financial Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Financial Leasing 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 Jiangsu Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Financial Leasing has no effect on the direction of Ming Yang i.e., Ming Yang and Jiangsu Financial go up and down completely randomly.
Pair Corralation between Ming Yang and Jiangsu Financial
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Jiangsu Financial. In addition to that, Ming Yang is 2.56 times more volatile than Jiangsu Financial Leasing. It trades about -0.14 of its total potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about 0.21 per unit of volatility. If you would invest 504.00 in Jiangsu Financial Leasing on September 28, 2024 and sell it today you would earn a total of 19.00 from holding Jiangsu Financial Leasing or generate 3.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| Ming Yang Smart |
| Jiangsu Financial Leasing |
Ming Yang and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Jiangsu Financial
The main advantage of trading using opposite Ming Yang and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Jiangsu Financial 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 Jiangsu Financial will offset losses from the drop in Jiangsu Financial's long position.| Ming Yang vs. Cicc Fund Management | Ming Yang vs. UE Furniture Co | Ming Yang vs. Xiamen Goldenhome Co | Ming Yang vs. DO Home Collection |
| Jiangsu Financial vs. China Sports Industry | Jiangsu Financial vs. China Satellite Communications | Jiangsu Financial vs. Caihong Display Devices | Jiangsu Financial vs. Railway Signal Communication |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |