Correlation Between Jiangsu Phoenix and Ming Yang
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Ming Yang Smart, you can compare the effects of market volatilities on Jiangsu Phoenix 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 Jiangsu Phoenix with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Ming Yang.
Diversification Opportunities for Jiangsu Phoenix and Ming Yang
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jiangsu and Ming is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix 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 Jiangsu Phoenix 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 Jiangsu Phoenix 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 Jiangsu Phoenix i.e., Jiangsu Phoenix and Ming Yang go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Ming Yang
Assuming the 90 days trading horizon Jiangsu Phoenix is expected to generate 6.75 times less return on investment than Ming Yang. But when comparing it to its historical volatility, Jiangsu Phoenix Publishing is 2.26 times less risky than Ming Yang. It trades about 0.1 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest 1,217 in Ming Yang Smart on September 4, 2024 and sell it today you would earn a total of 251.00 from holding Ming Yang Smart or generate 20.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Ming Yang Smart
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Ming Yang Smart |
Jiangsu Phoenix and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Ming Yang
The main advantage of trading using opposite Jiangsu Phoenix and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix 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.| Jiangsu Phoenix vs. Ming Yang Smart | Jiangsu Phoenix vs. 159681 | Jiangsu Phoenix vs. 159005 | Jiangsu Phoenix vs. 516220 |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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