Correlation Between Ming Yang and Jiangxi JDL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ming Yang Smart and Jiangxi JDL Environmental, you can compare the effects of market volatilities on Ming Yang and Jiangxi JDL 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 Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Jiangxi JDL.
Diversification Opportunities for Ming Yang and Jiangxi JDL
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ming and Jiangxi is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental 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 Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of Ming Yang i.e., Ming Yang and Jiangxi JDL go up and down completely randomly.
Pair Corralation between Ming Yang and Jiangxi JDL
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Jiangxi JDL. In addition to that, Ming Yang is 1.16 times more volatile than Jiangxi JDL Environmental. It trades about -0.05 of its total potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about 0.0 per unit of volatility. If you would invest 1,257 in Jiangxi JDL Environmental on September 28, 2024 and sell it today you would lose (133.00) from holding Jiangxi JDL Environmental or give up 10.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Ming Yang Smart vs. Jiangxi JDL Environmental
Performance |
| Timeline |
| Ming Yang Smart |
| Jiangxi JDL Environmental |
Ming Yang and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Jiangxi JDL
The main advantage of trading using opposite Ming Yang and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| Ming Yang vs. Cicc Fund Management | Ming Yang vs. UE Furniture Co | Ming Yang vs. Xiamen Goldenhome Co | Ming Yang vs. DO Home Collection |
| Jiangxi JDL vs. Ming Yang Smart | Jiangxi JDL vs. 159681 | Jiangxi JDL vs. 159005 | Jiangxi JDL 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Stocks Directory Find actively traded stocks across global markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |