Correlation Between Hygon Information and Ming Yang
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By analyzing existing cross correlation between Hygon Information Technology and Ming Yang Smart, you can compare the effects of market volatilities on Hygon Information 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 Hygon Information with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Ming Yang.
Diversification Opportunities for Hygon Information and Ming Yang
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hygon and Ming is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology 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 Hygon Information 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 Hygon Information Technology 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 Hygon Information i.e., Hygon Information and Ming Yang go up and down completely randomly.
Pair Corralation between Hygon Information and Ming Yang
Assuming the 90 days trading horizon Hygon Information Technology is expected to generate 1.57 times more return on investment than Ming Yang. However, Hygon Information is 1.57 times more volatile than Ming Yang Smart. It trades about 0.08 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.06 per unit of risk. If you would invest 5,180 in Hygon Information Technology on October 10, 2024 and sell it today you would earn a total of 9,580 from holding Hygon Information Technology or generate 184.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Ming Yang Smart
Performance |
| Timeline |
| Hygon Information |
| Ming Yang Smart |
Hygon Information and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Ming Yang
The main advantage of trading using opposite Hygon Information and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information 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.| Hygon Information vs. Shenyang Blue Silver | Hygon Information vs. Shengda Mining Co | Hygon Information vs. Tianjin Silvery Dragon | Hygon Information vs. Jinhui Mining Co |
| Ming Yang vs. Gansu Huangtai Wine marketing | Ming Yang vs. ChengDu Hi Tech Development | Ming Yang vs. Unisplendour Corp | Ming Yang vs. Beijing Shunxin Agriculture |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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