Correlation Between MayAir Technology and Ningbo Jintian
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By analyzing existing cross correlation between MayAir Technology Co and Ningbo Jintian Copper, you can compare the effects of market volatilities on MayAir Technology and Ningbo Jintian 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 Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Ningbo Jintian.
Diversification Opportunities for MayAir Technology and Ningbo Jintian
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between MayAir and Ningbo is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper 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 Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of MayAir Technology i.e., MayAir Technology and Ningbo Jintian go up and down completely randomly.
Pair Corralation between MayAir Technology and Ningbo Jintian
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Ningbo Jintian. In addition to that, MayAir Technology is 1.17 times more volatile than Ningbo Jintian Copper. It trades about -0.09 of its total potential returns per unit of risk. Ningbo Jintian Copper is currently generating about 0.07 per unit of volatility. If you would invest 543.00 in Ningbo Jintian Copper on October 24, 2024 and sell it today you would earn a total of 56.00 from holding Ningbo Jintian Copper or generate 10.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Ningbo Jintian Copper
Performance |
| Timeline |
| MayAir Technology |
| Ningbo Jintian Copper |
MayAir Technology and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Ningbo Jintian
The main advantage of trading using opposite MayAir Technology and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Ningbo Jintian 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 Jintian will offset losses from the drop in Ningbo Jintian's long position.| MayAir Technology vs. Weihai Honglin Electronic | MayAir Technology vs. Digiwin Software Co | MayAir Technology vs. Anhui Shiny Electronic | MayAir Technology vs. Eyebright Medical Technology |
| Ningbo Jintian vs. Haima Automobile Group | Ningbo Jintian vs. Guangzhou Haige Communications | Ningbo Jintian vs. Xinjiang Communications Construction | Ningbo Jintian vs. MayAir Technology 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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