Correlation Between Ming Yang and Thinkingdom Media
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By analyzing existing cross correlation between Ming Yang Smart and Thinkingdom Media Group, you can compare the effects of market volatilities on Ming Yang and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Thinkingdom Media.
Diversification Opportunities for Ming Yang and Thinkingdom Media
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ming and Thinkingdom is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Ming Yang i.e., Ming Yang and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Ming Yang and Thinkingdom Media
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Thinkingdom Media. But the stock apears to be less risky and, when comparing its historical volatility, Ming Yang Smart is 1.16 times less risky than Thinkingdom Media. The stock trades about -0.03 of its potential returns per unit of risk. The Thinkingdom Media Group is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,910 in Thinkingdom Media Group on September 4, 2024 and sell it today you would earn a total of 351.00 from holding Thinkingdom Media Group or generate 18.38% 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. Thinkingdom Media Group
Performance |
| Timeline |
| Ming Yang Smart |
| Thinkingdom Media |
Ming Yang and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Thinkingdom Media
The main advantage of trading using opposite Ming Yang and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's 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 |
| Thinkingdom Media vs. JuneYao Dairy Co | Thinkingdom Media vs. Zhangjiagang Freetrade Science | Thinkingdom Media vs. Yunnan Xiyi Industrial | Thinkingdom Media vs. Great Sun Foods Co |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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