Correlation Between Dezhan HealthCare and Meinian Onehealth
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By analyzing existing cross correlation between Dezhan HealthCare Co and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Dezhan HealthCare and Meinian Onehealth 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 Dezhan HealthCare with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Meinian Onehealth.
Diversification Opportunities for Dezhan HealthCare and Meinian Onehealth
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Dezhan and Meinian is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Dezhan HealthCare 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 Dezhan HealthCare Co are associated (or correlated) with Meinian Onehealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meinian Onehealth has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Meinian Onehealth
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to generate 1.39 times more return on investment than Meinian Onehealth. However, Dezhan HealthCare is 1.39 times more volatile than Meinian Onehealth Healthcare. It trades about 0.1 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.08 per unit of risk. If you would invest 301.00 in Dezhan HealthCare Co on September 1, 2024 and sell it today you would earn a total of 18.00 from holding Dezhan HealthCare Co or generate 5.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Dezhan HealthCare |
| Meinian Onehealth |
Dezhan HealthCare and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Meinian Onehealth
The main advantage of trading using opposite Dezhan HealthCare and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Meinian Onehealth 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 Meinian Onehealth will offset losses from the drop in Meinian Onehealth's long position.| Dezhan HealthCare vs. China Petroleum Chemical | Dezhan HealthCare vs. PetroChina Co Ltd | Dezhan HealthCare vs. China State Construction | Dezhan HealthCare vs. China Railway Group |
| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. AVIC Fund Management | Meinian Onehealth vs. Shenzhen Bingchuan Network | Meinian Onehealth vs. Penghua Shenzhen Energy |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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