Correlation Between Ming Yang and Sinocelltech
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By analyzing existing cross correlation between Ming Yang Smart and Sinocelltech Group, you can compare the effects of market volatilities on Ming Yang and Sinocelltech 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 Sinocelltech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Sinocelltech.
Diversification Opportunities for Ming Yang and Sinocelltech
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ming and Sinocelltech is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Sinocelltech Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinocelltech Group 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 Sinocelltech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinocelltech Group has no effect on the direction of Ming Yang i.e., Ming Yang and Sinocelltech go up and down completely randomly.
Pair Corralation between Ming Yang and Sinocelltech
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Sinocelltech. In addition to that, Ming Yang is 1.3 times more volatile than Sinocelltech Group. It trades about -0.36 of its total potential returns per unit of risk. Sinocelltech Group is currently generating about -0.04 per unit of volatility. If you would invest 3,744 in Sinocelltech Group on October 25, 2024 and sell it today you would lose (70.00) from holding Sinocelltech Group or give up 1.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Sinocelltech Group
Performance |
| Timeline |
| Ming Yang Smart |
| Sinocelltech Group |
Ming Yang and Sinocelltech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Sinocelltech
The main advantage of trading using opposite Ming Yang and Sinocelltech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Sinocelltech 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 Sinocelltech will offset losses from the drop in Sinocelltech's long position.| Ming Yang vs. Shanghai Broadband Technology | Ming Yang vs. Quectel Wireless Solutions | Ming Yang vs. Shaanxi Broadcast TV | Ming Yang vs. Sichuan Fulin Transportation |
| Sinocelltech vs. Agricultural Bank of | Sinocelltech vs. Industrial and Commercial | Sinocelltech vs. Bank of China | Sinocelltech vs. China Construction 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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