Correlation Between Shanghai V and Ming Yang
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By analyzing existing cross correlation between Shanghai V Test Semiconductor and Ming Yang Smart, you can compare the effects of market volatilities on Shanghai V 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 Shanghai V with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai V and Ming Yang.
Diversification Opportunities for Shanghai V and Ming Yang
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shanghai and Ming is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai V Test Semiconductor 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 Shanghai V 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 Shanghai V Test Semiconductor 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 Shanghai V i.e., Shanghai V and Ming Yang go up and down completely randomly.
Pair Corralation between Shanghai V and Ming Yang
Assuming the 90 days trading horizon Shanghai V Test Semiconductor is expected to generate 1.58 times more return on investment than Ming Yang. However, Shanghai V is 1.58 times more volatile than Ming Yang Smart. It trades about 0.03 of its potential returns per unit of risk. Ming Yang Smart is currently generating about 0.02 per unit of risk. If you would invest 5,997 in Shanghai V Test Semiconductor on October 18, 2024 and sell it today you would earn a total of 299.00 from holding Shanghai V Test Semiconductor or generate 4.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Shanghai V Test Semiconductor vs. Ming Yang Smart
Performance |
| Timeline |
| Shanghai V Test |
| Ming Yang Smart |
Shanghai V and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai V and Ming Yang
The main advantage of trading using opposite Shanghai V and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai V 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.| Shanghai V vs. Gifore Agricultural Machinery | Shanghai V vs. Allwin Telecommunication Co | Shanghai V vs. Dr Peng Telecom | Shanghai V vs. Huasi Agricultural Development |
| Ming Yang vs. Bohai Leasing Co | Ming Yang vs. Offcn Education Technology | Ming Yang vs. Harbin Air Conditioning | Ming Yang vs. Easyhome New Retail |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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