Correlation Between Xinhua Winshare and Ming Yang
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Ming Yang Smart, you can compare the effects of market volatilities on Xinhua Winshare and Ming Yang 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 Xinhua Winshare with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Ming Yang.
Diversification Opportunities for Xinhua Winshare and Ming Yang
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xinhua and Ming is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart and Xinhua Winshare 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 Xinhua Winshare Publishing are associated (or correlated) with Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Ming Yang go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Ming Yang
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to under-perform the Ming Yang. But the stock apears to be less risky and, when comparing its historical volatility, Xinhua Winshare Publishing is 1.65 times less risky than Ming Yang. The stock trades about -0.07 of its potential returns per unit of risk. The Ming Yang Smart is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,170 in Ming Yang Smart on August 30, 2024 and sell it today you would earn a total of 212.00 from holding Ming Yang Smart or generate 18.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Ming Yang Smart
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Ming Yang Smart |
Xinhua Winshare and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Ming Yang
The main advantage of trading using opposite Xinhua Winshare and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. Industrial and Commercial | Xinhua Winshare vs. Bank of China | Xinhua Winshare vs. China Construction Bank |
| Ming Yang vs. Fujian Newland Computer | Ming Yang vs. ROPEOK Technology Group | Ming Yang vs. Guangzhou Haige Communications | Ming Yang vs. Shanghai CEO Environmental |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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