Correlation Between Ming Yang and Qijing Machinery
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By analyzing existing cross correlation between Ming Yang Smart and Qijing Machinery, you can compare the effects of market volatilities on Ming Yang and Qijing Machinery 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 Qijing Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Qijing Machinery.
Diversification Opportunities for Ming Yang and Qijing Machinery
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Qijing is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Qijing Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qijing Machinery 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 Qijing Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qijing Machinery has no effect on the direction of Ming Yang i.e., Ming Yang and Qijing Machinery go up and down completely randomly.
Pair Corralation between Ming Yang and Qijing Machinery
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 0.75 times more return on investment than Qijing Machinery. However, Ming Yang Smart is 1.33 times less risky than Qijing Machinery. It trades about 0.09 of its potential returns per unit of risk. Qijing Machinery is currently generating about -0.11 per unit of risk. If you would invest 1,204 in Ming Yang Smart on August 29, 2024 and sell it today you would earn a total of 48.00 from holding Ming Yang Smart or generate 3.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Qijing Machinery
Performance |
| Timeline |
| Ming Yang Smart |
| Qijing Machinery |
Ming Yang and Qijing Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Qijing Machinery
The main advantage of trading using opposite Ming Yang and Qijing Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Qijing Machinery 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 Qijing Machinery will offset losses from the drop in Qijing Machinery's long position.| Ming Yang vs. Northern United Publishing | Ming Yang vs. Southern PublishingMedia Co | Ming Yang vs. Guangzhou Haige Communications | Ming Yang vs. China Publishing Media |
| Qijing Machinery vs. Zhejiang Kingland Pipeline | Qijing Machinery vs. XinJiang GuoTong Pipeline | Qijing Machinery vs. Kunwu Jiuding Investment | Qijing Machinery vs. Cultural Investment Holdings |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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