Correlation Between Thinkingdom Media and Ming Yang
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By analyzing existing cross correlation between Thinkingdom Media Group and Ming Yang Smart, you can compare the effects of market volatilities on Thinkingdom Media 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 Thinkingdom Media with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thinkingdom Media and Ming Yang.
Diversification Opportunities for Thinkingdom Media and Ming Yang
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Thinkingdom and Ming is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Thinkingdom Media Group 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 Thinkingdom Media 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 Thinkingdom Media Group 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 Thinkingdom Media i.e., Thinkingdom Media and Ming Yang go up and down completely randomly.
Pair Corralation between Thinkingdom Media and Ming Yang
Assuming the 90 days trading horizon Thinkingdom Media Group is expected to generate 1.31 times more return on investment than Ming Yang. However, Thinkingdom Media is 1.31 times more volatile than Ming Yang Smart. It trades about 0.22 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 1,777 in Thinkingdom Media Group on September 13, 2024 and sell it today you would earn a total of 339.00 from holding Thinkingdom Media Group or generate 19.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thinkingdom Media Group vs. Ming Yang Smart
Performance |
| Timeline |
| Thinkingdom Media |
| Ming Yang Smart |
Thinkingdom Media and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thinkingdom Media and Ming Yang
The main advantage of trading using opposite Thinkingdom Media and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thinkingdom Media 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.| Thinkingdom Media vs. Ming Yang Smart | Thinkingdom Media vs. 159681 | Thinkingdom Media vs. 159005 | Thinkingdom Media vs. Loctek Ergonomic Technology |
| 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 CEOs Directory module to screen CEOs from public companies around the world.
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