Correlation Between Shenzhen MYS and MayAir Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen MYS Environmental and MayAir Technology Co, you can compare the effects of market volatilities on Shenzhen MYS and MayAir Technology 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 Shenzhen MYS with a short position of MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and MayAir Technology.
Diversification Opportunities for Shenzhen MYS and MayAir Technology
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and MayAir is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology and Shenzhen MYS 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 Shenzhen MYS Environmental are associated (or correlated) with MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and MayAir Technology go up and down completely randomly.
Pair Corralation between Shenzhen MYS and MayAir Technology
Assuming the 90 days trading horizon Shenzhen MYS is expected to generate 1.21 times less return on investment than MayAir Technology. But when comparing it to its historical volatility, Shenzhen MYS Environmental is 1.23 times less risky than MayAir Technology. It trades about 0.1 of its potential returns per unit of risk. MayAir Technology Co is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 2,816 in MayAir Technology Co on September 26, 2024 and sell it today you would earn a total of 642.00 from holding MayAir Technology Co or generate 22.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shenzhen MYS Environmental vs. MayAir Technology Co
Performance |
Timeline |
Shenzhen MYS Environ |
MayAir Technology |
Shenzhen MYS and MayAir Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenzhen MYS and MayAir Technology
The main advantage of trading using opposite Shenzhen MYS and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
MayAir Technology vs. Anhui Transport Consulting | MayAir Technology vs. Easyhome New Retail | MayAir Technology vs. Xinjiang Communications Construction | MayAir Technology vs. Anhui Jianghuai Automobile |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Transaction History View history of all your transactions and understand their impact on performance | |
Global Correlations Find global opportunities by holding instruments from different markets | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |