Correlation Between Ming Yang and ACM Research
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By analyzing existing cross correlation between Ming Yang Smart and ACM Research Shanghai, you can compare the effects of market volatilities on Ming Yang and ACM Research 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 ACM Research. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and ACM Research.
Diversification Opportunities for Ming Yang and ACM Research
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ming and ACM is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and ACM Research Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACM Research Shanghai 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 ACM Research. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACM Research Shanghai has no effect on the direction of Ming Yang i.e., Ming Yang and ACM Research go up and down completely randomly.
Pair Corralation between Ming Yang and ACM Research
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the ACM Research. In addition to that, Ming Yang is 1.64 times more volatile than ACM Research Shanghai. It trades about -0.63 of its total potential returns per unit of risk. ACM Research Shanghai is currently generating about -0.41 per unit of volatility. If you would invest 10,815 in ACM Research Shanghai on October 14, 2024 and sell it today you would lose (1,253) from holding ACM Research Shanghai or give up 11.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. ACM Research Shanghai
Performance |
| Timeline |
| Ming Yang Smart |
| ACM Research Shanghai |
Ming Yang and ACM Research Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and ACM Research
The main advantage of trading using opposite Ming Yang and ACM Research positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, ACM Research 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 ACM Research will offset losses from the drop in ACM Research's long position.| Ming Yang vs. State Grid InformationCommunication | Ming Yang vs. Digital China Information | Ming Yang vs. Dawning Information Industry | Ming Yang vs. Ingenic Semiconductor |
| ACM Research vs. Shuhua Sports Co | ACM Research vs. Guosheng Financial Holding | ACM Research vs. Shanghai Yaoji Playing | ACM Research vs. Postal Savings Bank |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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