Correlation Between MayAir Technology and Ningbo David
Specify exactly 2 symbols:
By analyzing existing cross correlation between MayAir Technology Co and Ningbo David Medical, you can compare the effects of market volatilities on MayAir Technology and Ningbo David 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 MayAir Technology with a short position of Ningbo David. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Ningbo David.
Diversification Opportunities for MayAir Technology and Ningbo David
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between MayAir and Ningbo is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Ningbo David Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo David Medical and MayAir 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 MayAir Technology Co are associated (or correlated) with Ningbo David. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo David Medical has no effect on the direction of MayAir Technology i.e., MayAir Technology and Ningbo David go up and down completely randomly.
Pair Corralation between MayAir Technology and Ningbo David
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Ningbo David. In addition to that, MayAir Technology is 1.21 times more volatile than Ningbo David Medical. It trades about -0.28 of its total potential returns per unit of risk. Ningbo David Medical is currently generating about -0.04 per unit of volatility. If you would invest 1,317 in Ningbo David Medical on September 12, 2024 and sell it today you would lose (34.00) from holding Ningbo David Medical or give up 2.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
MayAir Technology Co vs. Ningbo David Medical
Performance |
| Timeline |
| MayAir Technology |
| Ningbo David Medical |
MayAir Technology and Ningbo David Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Ningbo David
The main advantage of trading using opposite MayAir Technology and Ningbo David positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Ningbo David 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 Ningbo David will offset losses from the drop in Ningbo David's long position.| MayAir Technology vs. Agricultural Bank of | MayAir Technology vs. Industrial and Commercial | MayAir Technology vs. Bank of China | MayAir Technology vs. PetroChina Co Ltd |
| Ningbo David vs. AVIC Fund Management | Ningbo David vs. TianJin 712 Communication | Ningbo David vs. Guangdong Shenglu Telecommunication | Ningbo David vs. Innovative Medical Management |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |