Correlation Between Inner Mongolia and Ming Yang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Inner Mongolia Furui and Ming Yang Smart, you can compare the effects of market volatilities on Inner Mongolia and Ming Yang 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 Inner Mongolia with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inner Mongolia and Ming Yang.
Diversification Opportunities for Inner Mongolia and Ming Yang
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Inner and Ming is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Inner Mongolia Furui and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart and Inner Mongolia 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 Inner Mongolia Furui are associated (or correlated) with Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Inner Mongolia i.e., Inner Mongolia and Ming Yang go up and down completely randomly.
Pair Corralation between Inner Mongolia and Ming Yang
Assuming the 90 days trading horizon Inner Mongolia is expected to generate 17.93 times less return on investment than Ming Yang. In addition to that, Inner Mongolia is 1.38 times more volatile than Ming Yang Smart. It trades about 0.01 of its total potential returns per unit of risk. Ming Yang Smart is currently generating about 0.25 per unit of volatility. If you would invest 864.00 in Ming Yang Smart on August 31, 2024 and sell it today you would earn a total of 518.00 from holding Ming Yang Smart or generate 59.95% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Inner Mongolia Furui vs. Ming Yang Smart
Performance |
Timeline |
Inner Mongolia Furui |
Ming Yang Smart |
Inner Mongolia and Ming Yang Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Inner Mongolia and Ming Yang
The main advantage of trading using opposite Inner Mongolia and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inner Mongolia position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.Inner Mongolia vs. Jinsanjiang Silicon Material | Inner Mongolia vs. Haima Automobile Group | Inner Mongolia vs. Changchun Engley Automobile | Inner Mongolia vs. Xinke Material |
Ming Yang vs. Xinjiang Baodi Mining | Ming Yang vs. Suzhou Weizhixiang Food | Ming Yang vs. Guilin Seamild Foods | Ming Yang vs. Chengtun Mining Group |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |