Correlation Between Ming Yang and Industrial Bank
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By analyzing existing cross correlation between Ming Yang Smart and Industrial Bank Co, you can compare the effects of market volatilities on Ming Yang and Industrial Bank 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 Industrial Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Industrial Bank.
Diversification Opportunities for Ming Yang and Industrial Bank
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ming and Industrial is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Industrial Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial Bank 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 Industrial Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial Bank has no effect on the direction of Ming Yang i.e., Ming Yang and Industrial Bank go up and down completely randomly.
Pair Corralation between Ming Yang and Industrial Bank
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.78 times more return on investment than Industrial Bank. However, Ming Yang is 1.78 times more volatile than Industrial Bank Co. It trades about 0.12 of its potential returns per unit of risk. Industrial Bank Co is currently generating about -0.23 per unit of risk. If you would invest 1,204 in Ming Yang Smart on August 28, 2024 and sell it today you would earn a total of 71.00 from holding Ming Yang Smart or generate 5.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Industrial Bank Co
Performance |
| Timeline |
| Ming Yang Smart |
| Industrial Bank |
Ming Yang and Industrial Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Industrial Bank
The main advantage of trading using opposite Ming Yang and Industrial Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Industrial Bank 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 Industrial Bank will offset losses from the drop in Industrial Bank's long position.| Ming Yang vs. Hubei Xingfa Chemicals | Ming Yang vs. JCHX Mining Management | Ming Yang vs. Nexchip Semiconductor Corp | Ming Yang vs. Uroica Mining Safety |
| Industrial Bank vs. Sino Platinum Metals Co | Industrial Bank vs. Shandong Hongchuang Aluminum | Industrial Bank vs. Rising Nonferrous Metals | Industrial Bank vs. Harbin Air Conditioning |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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