Correlation Between Ming Yang and Jinling Hotel
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By analyzing existing cross correlation between Ming Yang Smart and Jinling Hotel Corp, you can compare the effects of market volatilities on Ming Yang and Jinling Hotel 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 Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Jinling Hotel.
Diversification Opportunities for Ming Yang and Jinling Hotel
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ming and Jinling is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Jinling Hotel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinling Hotel Corp 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 Jinling Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinling Hotel Corp has no effect on the direction of Ming Yang i.e., Ming Yang and Jinling Hotel go up and down completely randomly.
Pair Corralation between Ming Yang and Jinling Hotel
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Jinling Hotel. In addition to that, Ming Yang is 1.09 times more volatile than Jinling Hotel Corp. It trades about -0.32 of its total potential returns per unit of risk. Jinling Hotel Corp is currently generating about -0.19 per unit of volatility. If you would invest 737.00 in Jinling Hotel Corp on October 20, 2024 and sell it today you would lose (68.00) from holding Jinling Hotel Corp or give up 9.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Jinling Hotel Corp
Performance |
| Timeline |
| Ming Yang Smart |
| Jinling Hotel Corp |
Ming Yang and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Jinling Hotel
The main advantage of trading using opposite Ming Yang and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Jinling Hotel 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 Jinling Hotel will offset losses from the drop in Jinling Hotel's long position.| Ming Yang vs. Hangzhou Gisway Information | Ming Yang vs. Air China Ltd | Ming Yang vs. Dymatic Chemicals | Ming Yang vs. Shenzhen Noposion Agrochemicals |
| Jinling Hotel vs. Huatian Hotel Group | Jinling Hotel vs. Sichuan Jinshi Technology | Jinling Hotel vs. Gifore Agricultural Machinery | Jinling Hotel vs. Unisplendour 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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