Correlation Between Ming Yang and Shanghai Action
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By analyzing existing cross correlation between Ming Yang Smart and Shanghai Action Education, you can compare the effects of market volatilities on Ming Yang and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Shanghai Action.
Diversification Opportunities for Ming Yang and Shanghai Action
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ming and Shanghai is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of Ming Yang i.e., Ming Yang and Shanghai Action go up and down completely randomly.
Pair Corralation between Ming Yang and Shanghai Action
Assuming the 90 days trading horizon Ming Yang Smart is expected to generate 1.04 times more return on investment than Shanghai Action. However, Ming Yang is 1.04 times more volatile than Shanghai Action Education. It trades about 0.1 of its potential returns per unit of risk. Shanghai Action Education is currently generating about 0.06 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 84.00 from holding Ming Yang Smart or generate 6.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Ming Yang Smart vs. Shanghai Action Education
Performance |
| Timeline |
| Ming Yang Smart |
| Shanghai Action Education |
Ming Yang and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Shanghai Action
The main advantage of trading using opposite Ming Yang and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action'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 |
| Shanghai Action vs. Lutian Machinery Co | Shanghai Action vs. PetroChina Co Ltd | Shanghai Action vs. Bank of China | Shanghai Action vs. Gansu Jiu Steel |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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