Correlation Between Ming Yang and Zoy Home
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By analyzing existing cross correlation between Ming Yang Smart and Zoy Home Furnishing, you can compare the effects of market volatilities on Ming Yang and Zoy Home 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 Zoy Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Zoy Home.
Diversification Opportunities for Ming Yang and Zoy Home
Very weak diversification
The 3 months correlation between Ming and Zoy is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Zoy Home Furnishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zoy Home Furnishing 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 Zoy Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zoy Home Furnishing has no effect on the direction of Ming Yang i.e., Ming Yang and Zoy Home go up and down completely randomly.
Pair Corralation between Ming Yang and Zoy Home
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Zoy Home. But the stock apears to be less risky and, when comparing its historical volatility, Ming Yang Smart is 1.3 times less risky than Zoy Home. The stock trades about -0.21 of its potential returns per unit of risk. The Zoy Home Furnishing is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 1,007 in Zoy Home Furnishing on November 4, 2024 and sell it today you would earn a total of 127.00 from holding Zoy Home Furnishing or generate 12.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Zoy Home Furnishing
Performance |
| Timeline |
| Ming Yang Smart |
| Zoy Home Furnishing |
Ming Yang and Zoy Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Zoy Home
The main advantage of trading using opposite Ming Yang and Zoy Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Zoy Home 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 Zoy Home will offset losses from the drop in Zoy Home's long position.| Ming Yang vs. Tongxing Environmental Protection | Ming Yang vs. Shenzhen MYS Environmental | Ming Yang vs. Humanwell Healthcare Group | Ming Yang vs. Healthcare Co |
| Zoy Home vs. AUPU Home Style | Zoy Home vs. Hunan Mendale Hometextile | Zoy Home vs. CIMC Vehicles Co | Zoy Home vs. Ningbo Fangzheng Automobile |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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