Correlation Between MayAir Technology and Penyao Environmental
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By analyzing existing cross correlation between MayAir Technology Co and Penyao Environmental Protection, you can compare the effects of market volatilities on MayAir Technology and Penyao Environmental 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 Penyao Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Penyao Environmental.
Diversification Opportunities for MayAir Technology and Penyao Environmental
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MayAir and Penyao is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Penyao Environmental Protectio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penyao Environmental 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 Penyao Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penyao Environmental has no effect on the direction of MayAir Technology i.e., MayAir Technology and Penyao Environmental go up and down completely randomly.
Pair Corralation between MayAir Technology and Penyao Environmental
Assuming the 90 days trading horizon MayAir Technology Co is expected to generate 0.61 times more return on investment than Penyao Environmental. However, MayAir Technology Co is 1.65 times less risky than Penyao Environmental. It trades about -0.31 of its potential returns per unit of risk. Penyao Environmental Protection is currently generating about -0.2 per unit of risk. If you would invest 3,700 in MayAir Technology Co on October 12, 2024 and sell it today you would lose (451.00) from holding MayAir Technology Co or give up 12.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Penyao Environmental Protectio
Performance |
| Timeline |
| MayAir Technology |
| Penyao Environmental |
MayAir Technology and Penyao Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Penyao Environmental
The main advantage of trading using opposite MayAir Technology and Penyao Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Penyao Environmental 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 Penyao Environmental will offset losses from the drop in Penyao Environmental's long position.| MayAir Technology vs. Sunwave Communications Co | MayAir Technology vs. Nantong Haixing Electronics | MayAir Technology vs. Techshine Electronics Co | MayAir Technology vs. Tongyu Communication |
| Penyao Environmental vs. Zijin Mining Group | Penyao Environmental vs. Shenzhen Silver Basis | Penyao Environmental vs. AVIC Fund Management | Penyao Environmental 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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