Correlation Between Great Sun and Ming Yang
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By analyzing existing cross correlation between Great Sun Foods Co and Ming Yang Smart, you can compare the effects of market volatilities on Great Sun 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 Great Sun with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Ming Yang.
Diversification Opportunities for Great Sun and Ming Yang
Almost no diversification
The 3 months correlation between Great and Ming is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co 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 Great Sun 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 Great Sun Foods Co 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 Great Sun i.e., Great Sun and Ming Yang go up and down completely randomly.
Pair Corralation between Great Sun and Ming Yang
Assuming the 90 days trading horizon Great Sun is expected to generate 1.09 times less return on investment than Ming Yang. In addition to that, Great Sun is 1.33 times more volatile than Ming Yang Smart. It trades about 0.13 of its total potential returns per unit of risk. Ming Yang Smart is currently generating about 0.19 per unit of volatility. If you would invest 1,061 in Ming Yang Smart on September 19, 2024 and sell it today you would earn a total of 273.00 from holding Ming Yang Smart or generate 25.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Great Sun Foods Co vs. Ming Yang Smart
Performance |
| Timeline |
| Great Sun Foods |
| Ming Yang Smart |
Great Sun and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Ming Yang
The main advantage of trading using opposite Great Sun and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun 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.| Great Sun vs. Pengxin International Mining | Great Sun vs. Sino Platinum Metals Co | Great Sun vs. Zhengzhou Coal Mining | Great Sun vs. Hubei Geoway Investment |
| Ming Yang vs. Great Sun Foods Co | Ming Yang vs. Guilin Seamild Foods | Ming Yang vs. Leaguer Shenzhen MicroElectronics | Ming Yang vs. HaiXin Foods Co |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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