Correlation Between Ming Yang and Semiconductor Manufacturing
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By analyzing existing cross correlation between Ming Yang Smart and Semiconductor Manufacturing Electronics, you can compare the effects of market volatilities on Ming Yang and Semiconductor Manufacturing 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 Semiconductor Manufacturing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Semiconductor Manufacturing.
Diversification Opportunities for Ming Yang and Semiconductor Manufacturing
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ming and Semiconductor is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Semiconductor Manufacturing El in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semiconductor Manufacturing 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 Semiconductor Manufacturing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semiconductor Manufacturing has no effect on the direction of Ming Yang i.e., Ming Yang and Semiconductor Manufacturing go up and down completely randomly.
Pair Corralation between Ming Yang and Semiconductor Manufacturing
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Semiconductor Manufacturing. In addition to that, Ming Yang is 1.02 times more volatile than Semiconductor Manufacturing Electronics. It trades about -0.14 of its total potential returns per unit of risk. Semiconductor Manufacturing Electronics is currently generating about -0.1 per unit of volatility. If you would invest 552.00 in Semiconductor Manufacturing Electronics on September 28, 2024 and sell it today you would lose (27.00) from holding Semiconductor Manufacturing Electronics or give up 4.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Semiconductor Manufacturing El
Performance |
| Timeline |
| Ming Yang Smart |
| Semiconductor Manufacturing |
Ming Yang and Semiconductor Manufacturing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Semiconductor Manufacturing
The main advantage of trading using opposite Ming Yang and Semiconductor Manufacturing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Semiconductor Manufacturing 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 Semiconductor Manufacturing will offset losses from the drop in Semiconductor Manufacturing'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 |
| Semiconductor Manufacturing vs. Ming Yang Smart | Semiconductor Manufacturing vs. 159681 | Semiconductor Manufacturing vs. 159005 | Semiconductor Manufacturing 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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