Correlation Between MayAir Technology and Qingdao Citymedia
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By analyzing existing cross correlation between MayAir Technology Co and Qingdao Citymedia Co, you can compare the effects of market volatilities on MayAir Technology and Qingdao Citymedia 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 Qingdao Citymedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Qingdao Citymedia.
Diversification Opportunities for MayAir Technology and Qingdao Citymedia
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between MayAir and Qingdao is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Qingdao Citymedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Citymedia 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 Qingdao Citymedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Citymedia has no effect on the direction of MayAir Technology i.e., MayAir Technology and Qingdao Citymedia go up and down completely randomly.
Pair Corralation between MayAir Technology and Qingdao Citymedia
Assuming the 90 days trading horizon MayAir Technology Co is expected to generate 1.94 times more return on investment than Qingdao Citymedia. However, MayAir Technology is 1.94 times more volatile than Qingdao Citymedia Co. It trades about 0.11 of its potential returns per unit of risk. Qingdao Citymedia Co is currently generating about 0.15 per unit of risk. If you would invest 2,888 in MayAir Technology Co on September 2, 2024 and sell it today you would earn a total of 770.00 from holding MayAir Technology Co or generate 26.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Qingdao Citymedia Co
Performance |
| Timeline |
| MayAir Technology |
| Qingdao Citymedia |
MayAir Technology and Qingdao Citymedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Qingdao Citymedia
The main advantage of trading using opposite MayAir Technology and Qingdao Citymedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Qingdao Citymedia 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 Qingdao Citymedia will offset losses from the drop in Qingdao Citymedia's long position.| MayAir Technology vs. Cultural Investment Holdings | MayAir Technology vs. Gome Telecom Equipment | MayAir Technology vs. Bus Online Co | MayAir Technology vs. Holitech Technology Co |
| Qingdao Citymedia vs. Ye Chiu Metal | Qingdao Citymedia vs. State Grid InformationCommunication | Qingdao Citymedia vs. Jilin Jlu Communication | Qingdao Citymedia vs. Guangdong Advertising Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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