Correlation Between Juneyao Airlines and Ming Yang
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By analyzing existing cross correlation between Juneyao Airlines and Ming Yang Smart, you can compare the effects of market volatilities on Juneyao Airlines 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 Juneyao Airlines with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Ming Yang.
Diversification Opportunities for Juneyao Airlines and Ming Yang
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juneyao and Ming is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines 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 Juneyao Airlines 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 Juneyao Airlines 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 Juneyao Airlines i.e., Juneyao Airlines and Ming Yang go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Ming Yang
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 1.42 times less return on investment than Ming Yang. But when comparing it to its historical volatility, Juneyao Airlines is 1.55 times less risky than Ming Yang. It trades about 0.27 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,170 in Ming Yang Smart on August 30, 2024 and sell it today you would earn a total of 207.00 from holding Ming Yang Smart or generate 17.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Ming Yang Smart
Performance |
| Timeline |
| Juneyao Airlines |
| Ming Yang Smart |
Juneyao Airlines and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Ming Yang
The main advantage of trading using opposite Juneyao Airlines and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines 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.| Juneyao Airlines vs. Ming Yang Smart | Juneyao Airlines vs. 159681 | Juneyao Airlines vs. 159005 | Juneyao Airlines vs. Loctek Ergonomic Technology |
| Ming Yang vs. Fujian Newland Computer | Ming Yang vs. ROPEOK Technology Group | Ming Yang vs. Guangzhou Haige Communications | Ming Yang vs. Shanghai CEO Environmental |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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