Correlation Between MayAir Technology and Beken Corp
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By analyzing existing cross correlation between MayAir Technology Co and Beken Corp, you can compare the effects of market volatilities on MayAir Technology and Beken Corp 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 Beken Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Beken Corp.
Diversification Opportunities for MayAir Technology and Beken Corp
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MayAir and Beken is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Beken Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beken Corp 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 Beken Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beken Corp has no effect on the direction of MayAir Technology i.e., MayAir Technology and Beken Corp go up and down completely randomly.
Pair Corralation between MayAir Technology and Beken Corp
Assuming the 90 days trading horizon MayAir Technology is expected to generate 70.08 times less return on investment than Beken Corp. But when comparing it to its historical volatility, MayAir Technology Co is 3.89 times less risky than Beken Corp. It trades about 0.02 of its potential returns per unit of risk. Beken Corp is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 2,765 in Beken Corp on November 1, 2024 and sell it today you would earn a total of 1,282 from holding Beken Corp or generate 46.37% 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. Beken Corp
Performance |
| Timeline |
| MayAir Technology |
| Beken Corp |
MayAir Technology and Beken Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Beken Corp
The main advantage of trading using opposite MayAir Technology and Beken Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Beken Corp 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 Beken Corp will offset losses from the drop in Beken Corp's long position.| MayAir Technology vs. Jiangsu Phoenix Publishing | MayAir Technology vs. Southern PublishingMedia Co | MayAir Technology vs. Xiwang Foodstuffs Co | MayAir Technology vs. Offcn Education Technology |
| Beken Corp vs. MayAir Technology Co | Beken Corp vs. Dezhan HealthCare Co | Beken Corp vs. Beijing Jiaman Dress | Beken Corp vs. Zbit Semiconductor A |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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