Correlation Between Ming Yang and Bank of Communications
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By analyzing existing cross correlation between Ming Yang Smart and Bank of Communications, you can compare the effects of market volatilities on Ming Yang and Bank of Communications 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 Bank of Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Bank of Communications.
Diversification Opportunities for Ming Yang and Bank of Communications
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ming and Bank is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Bank of Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Communications 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 Bank of Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Communications has no effect on the direction of Ming Yang i.e., Ming Yang and Bank of Communications go up and down completely randomly.
Pair Corralation between Ming Yang and Bank of Communications
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.93 times more return on investment than Bank of Communications. However, Ming Yang is 1.93 times more volatile than Bank of Communications. It trades about 0.26 of its potential returns per unit of risk. Bank of Communications is currently generating about 0.07 per unit of risk. If you would invest 877.00 in Ming Yang Smart on September 4, 2024 and sell it today you would earn a total of 591.00 from holding Ming Yang Smart or generate 67.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Bank of Communications
Performance |
| Timeline |
| Ming Yang Smart |
| Bank of Communications |
Ming Yang and Bank of Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Bank of Communications
The main advantage of trading using opposite Ming Yang and Bank of Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Bank of Communications 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 Bank of Communications will offset losses from the drop in Bank of Communications' long position.| Ming Yang vs. Quectel Wireless Solutions | Ming Yang vs. Bus Online Co | Ming Yang vs. Sanbo Hospital Management | Ming Yang vs. AVIC Fund Management |
| Bank of Communications vs. Ming Yang Smart | Bank of Communications vs. 159681 | Bank of Communications vs. 159005 | Bank of Communications 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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