Correlation Between Ming Yang and Ping An
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By analyzing existing cross correlation between Ming Yang Smart and Ping An Insurance, you can compare the effects of market volatilities on Ming Yang and Ping An 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 Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Ping An.
Diversification Opportunities for Ming Yang and Ping An
Very poor diversification
The 3 months correlation between Ming and Ping is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Ping An Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Insurance 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 Ping An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ping An Insurance has no effect on the direction of Ming Yang i.e., Ming Yang and Ping An go up and down completely randomly.
Pair Corralation between Ming Yang and Ping An
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Ping An. In addition to that, Ming Yang is 1.43 times more volatile than Ping An Insurance. It trades about -0.01 of its total potential returns per unit of risk. Ping An Insurance is currently generating about 0.04 per unit of volatility. If you would invest 4,531 in Ping An Insurance on August 25, 2024 and sell it today you would earn a total of 772.00 from holding Ping An Insurance or generate 17.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Ping An Insurance
Performance |
| Timeline |
| Ming Yang Smart |
| Ping An Insurance |
Ming Yang and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Ping An
The main advantage of trading using opposite Ming Yang and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Ping An 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 Ping An will offset losses from the drop in Ping An's long position.| Ming Yang vs. Fujian Rongji Software | Ming Yang vs. Masterwork Machinery | Ming Yang vs. Allied Machinery Co | Ming Yang vs. Anhui Huilong Agricultural |
| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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