Correlation Between Meinian Onehealth and Haima Automobile
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Haima Automobile Group, you can compare the effects of market volatilities on Meinian Onehealth and Haima Automobile 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 Meinian Onehealth with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Haima Automobile.
Diversification Opportunities for Meinian Onehealth and Haima Automobile
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and Haima is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Meinian Onehealth 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 Meinian Onehealth Healthcare are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Haima Automobile go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Haima Automobile
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Haima Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Meinian Onehealth Healthcare is 1.54 times less risky than Haima Automobile. The stock trades about -0.03 of its potential returns per unit of risk. The Haima Automobile Group is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 495.00 in Haima Automobile Group on October 16, 2024 and sell it today you would lose (114.00) from holding Haima Automobile Group or give up 23.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Haima Automobile Group
Performance |
| Timeline |
| Meinian Onehealth |
| Haima Automobile |
Meinian Onehealth and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Haima Automobile
The main advantage of trading using opposite Meinian Onehealth and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Meinian Onehealth vs. Beijing Kingsoft Office | Meinian Onehealth vs. Ligao Foods CoLtd | Meinian Onehealth vs. Fibocom Wireless | Meinian Onehealth vs. Guilin Seamild Foods |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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