Correlation Between Quectel Wireless and Ming Yang
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By analyzing existing cross correlation between Quectel Wireless Solutions and Ming Yang Smart, you can compare the effects of market volatilities on Quectel Wireless 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 Quectel Wireless with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quectel Wireless and Ming Yang.
Diversification Opportunities for Quectel Wireless and Ming Yang
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Quectel and Ming is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Quectel Wireless Solutions 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 Quectel Wireless 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 Quectel Wireless Solutions 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 Quectel Wireless i.e., Quectel Wireless and Ming Yang go up and down completely randomly.
Pair Corralation between Quectel Wireless and Ming Yang
Assuming the 90 days trading horizon Quectel Wireless Solutions is expected to generate 1.58 times more return on investment than Ming Yang. However, Quectel Wireless is 1.58 times more volatile than Ming Yang Smart. It trades about 0.07 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.09 per unit of risk. If you would invest 5,616 in Quectel Wireless Solutions on September 12, 2024 and sell it today you would earn a total of 319.00 from holding Quectel Wireless Solutions or generate 5.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Quectel Wireless Solutions vs. Ming Yang Smart
Performance |
| Timeline |
| Quectel Wireless Sol |
| Ming Yang Smart |
Quectel Wireless and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quectel Wireless and Ming Yang
The main advantage of trading using opposite Quectel Wireless and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quectel Wireless 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.| Quectel Wireless vs. Gansu Jiu Steel | Quectel Wireless vs. Shandong Mining Machinery | Quectel Wireless vs. Aba Chemicals Corp | Quectel Wireless vs. BlueFocus Communication Group |
| Ming Yang vs. Jiangyin Jianghua Microelectronics | Ming Yang vs. HaiXin Foods Co | Ming Yang vs. Fujian Anjoy Foods | Ming Yang vs. Success Electronics |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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