Correlation Between ACM Research and Ming Yang
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By analyzing existing cross correlation between ACM Research Shanghai and Ming Yang Smart, you can compare the effects of market volatilities on ACM Research 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 ACM Research with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACM Research and Ming Yang.
Diversification Opportunities for ACM Research and Ming Yang
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ACM and Ming is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding ACM Research Shanghai 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 ACM Research 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 ACM Research Shanghai 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 ACM Research i.e., ACM Research and Ming Yang go up and down completely randomly.
Pair Corralation between ACM Research and Ming Yang
Assuming the 90 days trading horizon ACM Research Shanghai is expected to generate 1.27 times more return on investment than Ming Yang. However, ACM Research is 1.27 times more volatile than Ming Yang Smart. It trades about 0.02 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.07 per unit of risk. If you would invest 8,533 in ACM Research Shanghai on October 15, 2024 and sell it today you would earn a total of 1,065 from holding ACM Research Shanghai or generate 12.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
ACM Research Shanghai vs. Ming Yang Smart
Performance |
| Timeline |
| ACM Research Shanghai |
| Ming Yang Smart |
ACM Research and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACM Research and Ming Yang
The main advantage of trading using opposite ACM Research and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACM Research 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.| ACM Research vs. Shenzhen Topway Video | ACM Research vs. Emdoor Information Co | ACM Research vs. Kidswant Children Products | ACM Research vs. Chinese Universe Publishing |
| Ming Yang vs. Ye Chiu Metal | Ming Yang vs. Aluminum Corp of | Ming Yang vs. ZYF Lopsking Aluminum | Ming Yang vs. Lecron Energy Saving |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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