Correlation Between Ming Yang and Jiangsu Phoenix
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By analyzing existing cross correlation between Ming Yang Smart and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Ming Yang and Jiangsu Phoenix 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 Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Jiangsu Phoenix.
Diversification Opportunities for Ming Yang and Jiangsu Phoenix
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Ming and Jiangsu is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Ming Yang i.e., Ming Yang and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Ming Yang and Jiangsu Phoenix
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.55 times more return on investment than Jiangsu Phoenix. However, Ming Yang is 1.55 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.09 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.11 per unit of risk. If you would invest 1,338 in Ming Yang Smart on September 12, 2024 and sell it today you would earn a total of 68.00 from holding Ming Yang Smart or generate 5.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Ming Yang Smart |
| Jiangsu Phoenix Publ |
Ming Yang and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Jiangsu Phoenix
The main advantage of trading using opposite Ming Yang and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| Ming Yang vs. Jiangyin Jianghua Microelectronics | Ming Yang vs. HaiXin Foods Co | Ming Yang vs. Fujian Anjoy Foods | Ming Yang vs. Success Electronics |
| Jiangsu Phoenix vs. Kweichow Moutai Co | Jiangsu Phoenix vs. Shenzhen Mindray Bio Medical | Jiangsu Phoenix vs. G bits Network Technology | Jiangsu Phoenix vs. Beijing Roborock 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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