Correlation Between Bangyan Technology and Mango Excellent
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bangyan Technology Co and Mango Excellent Media, you can compare the effects of market volatilities on Bangyan Technology and Mango Excellent 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 Bangyan Technology with a short position of Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bangyan Technology and Mango Excellent.
Diversification Opportunities for Bangyan Technology and Mango Excellent
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bangyan and Mango is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Bangyan Technology Co and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media and Bangyan Technology 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 Bangyan Technology Co are associated (or correlated) with Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Bangyan Technology i.e., Bangyan Technology and Mango Excellent go up and down completely randomly.
Pair Corralation between Bangyan Technology and Mango Excellent
Assuming the 90 days trading horizon Bangyan Technology Co is expected to generate 1.99 times more return on investment than Mango Excellent. However, Bangyan Technology is 1.99 times more volatile than Mango Excellent Media. It trades about 0.05 of its potential returns per unit of risk. Mango Excellent Media is currently generating about -0.02 per unit of risk. If you would invest 1,692 in Bangyan Technology Co on October 29, 2024 and sell it today you would earn a total of 108.00 from holding Bangyan Technology Co or generate 6.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bangyan Technology Co vs. Mango Excellent Media
Performance |
| Timeline |
| Bangyan Technology |
| Mango Excellent Media |
Bangyan Technology and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bangyan Technology and Mango Excellent
The main advantage of trading using opposite Bangyan Technology and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bangyan Technology position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Bangyan Technology vs. Bus Online Co | Bangyan Technology vs. Holitech Technology Co | Bangyan Technology vs. Gome Telecom Equipment | Bangyan Technology vs. Cultural Investment Holdings |
| Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. 159681 | Mango Excellent vs. 159005 | Mango Excellent vs. Loctek Ergonomic Technology |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stocks Directory Find actively traded stocks across global markets |