Correlation Between Jiangyin Jianghua and Ming Yang
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By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and Ming Yang Smart, you can compare the effects of market volatilities on Jiangyin Jianghua 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 Jiangyin Jianghua with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and Ming Yang.
Diversification Opportunities for Jiangyin Jianghua and Ming Yang
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangyin and Ming is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro 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 Jiangyin Jianghua 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 Jiangyin Jianghua Microelectronics 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 Jiangyin Jianghua i.e., Jiangyin Jianghua and Ming Yang go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and Ming Yang
Assuming the 90 days trading horizon Jiangyin Jianghua Microelectronics is expected to generate 1.62 times more return on investment than Ming Yang. However, Jiangyin Jianghua is 1.62 times more volatile than Ming Yang Smart. It trades about 0.12 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.12 per unit of risk. If you would invest 1,705 in Jiangyin Jianghua Microelectronics on September 13, 2024 and sell it today you would earn a total of 185.00 from holding Jiangyin Jianghua Microelectronics or generate 10.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. Ming Yang Smart
Performance |
| Timeline |
| Jiangyin Jianghua |
| Ming Yang Smart |
Jiangyin Jianghua and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and Ming Yang
The main advantage of trading using opposite Jiangyin Jianghua and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua 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.| Jiangyin Jianghua vs. Nanjing Putian Telecommunications | Jiangyin Jianghua vs. Tianjin Realty Development | Jiangyin Jianghua vs. Kangyue Technology Co | Jiangyin Jianghua vs. Shenzhen Hifuture Electric |
| Ming Yang vs. Shenyang Huitian Thermal | Ming Yang vs. Beijing HuaYuanYiTong Thermal | Ming Yang vs. Zhejiang Yayi Metal | Ming Yang vs. Luyin Investment Group |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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