Correlation Between Ming Yang and Juneyao Airlines
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By analyzing existing cross correlation between Ming Yang Smart and Juneyao Airlines, you can compare the effects of market volatilities on Ming Yang and Juneyao Airlines 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 Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Juneyao Airlines.
Diversification Opportunities for Ming Yang and Juneyao Airlines
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Juneyao is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines 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 Juneyao Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juneyao Airlines has no effect on the direction of Ming Yang i.e., Ming Yang and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Ming Yang and Juneyao Airlines
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.65 times more return on investment than Juneyao Airlines. However, Ming Yang is 1.65 times more volatile than Juneyao Airlines. It trades about 0.19 of its potential returns per unit of risk. Juneyao Airlines is currently generating about 0.09 per unit of risk. If you would invest 1,080 in Ming Yang Smart on August 30, 2024 and sell it today you would earn a total of 297.00 from holding Ming Yang Smart or generate 27.5% 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. Juneyao Airlines
Performance |
| Timeline |
| Ming Yang Smart |
| Juneyao Airlines |
Ming Yang and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Juneyao Airlines
The main advantage of trading using opposite Ming Yang and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Juneyao Airlines 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 Juneyao Airlines will offset losses from the drop in Juneyao Airlines' long position.| Ming Yang vs. Fujian Newland Computer | Ming Yang vs. ROPEOK Technology Group | Ming Yang vs. Guangzhou Haige Communications | Ming Yang vs. Shanghai CEO Environmental |
| Juneyao Airlines vs. Ming Yang Smart | Juneyao Airlines vs. 159681 | Juneyao Airlines vs. 159005 | Juneyao Airlines 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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