Correlation Between MayAir Technology and Pengxin International
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By analyzing existing cross correlation between MayAir Technology Co and Pengxin International Mining, you can compare the effects of market volatilities on MayAir Technology and Pengxin International 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 Pengxin International. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Pengxin International.
Diversification Opportunities for MayAir Technology and Pengxin International
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between MayAir and Pengxin is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Pengxin International Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pengxin International 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 Pengxin International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pengxin International has no effect on the direction of MayAir Technology i.e., MayAir Technology and Pengxin International go up and down completely randomly.
Pair Corralation between MayAir Technology and Pengxin International
Assuming the 90 days trading horizon MayAir Technology is expected to generate 1.02 times less return on investment than Pengxin International. But when comparing it to its historical volatility, MayAir Technology Co is 1.04 times less risky than Pengxin International. It trades about 0.09 of its potential returns per unit of risk. Pengxin International Mining is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 231.00 in Pengxin International Mining on November 3, 2024 and sell it today you would earn a total of 84.00 from holding Pengxin International Mining or generate 36.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Pengxin International Mining
Performance |
| Timeline |
| MayAir Technology |
| Pengxin International |
MayAir Technology and Pengxin International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Pengxin International
The main advantage of trading using opposite MayAir Technology and Pengxin International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Pengxin International 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 Pengxin International will offset losses from the drop in Pengxin International's long position.| MayAir Technology vs. Maxvision Technology Corp | MayAir Technology vs. Holitech Technology Co | MayAir Technology vs. Tongyu Communication | MayAir Technology vs. Beijing Seeyon Internet |
| Pengxin International vs. Bangyan Technology Co | Pengxin International vs. Shandong Longquan Pipeline | Pengxin International vs. Qingdao Choho Industrial | Pengxin International vs. Hubei Forbon 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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