Correlation Between Meinian Onehealth and Anhui Gujing
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Anhui Gujing Distillery, you can compare the effects of market volatilities on Meinian Onehealth and Anhui Gujing 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 Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Anhui Gujing.
Diversification Opportunities for Meinian Onehealth and Anhui Gujing
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Meinian and Anhui is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery 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 Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Anhui Gujing go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Anhui Gujing
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Anhui Gujing. But the stock apears to be less risky and, when comparing its historical volatility, Meinian Onehealth Healthcare is 1.19 times less risky than Anhui Gujing. The stock trades about -0.44 of its potential returns per unit of risk. The Anhui Gujing Distillery is currently generating about -0.25 of returns per unit of risk over similar time horizon. If you would invest 19,250 in Anhui Gujing Distillery on October 11, 2024 and sell it today you would lose (2,294) from holding Anhui Gujing Distillery or give up 11.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Meinian Onehealth |
| Anhui Gujing Distillery |
Meinian Onehealth and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Anhui Gujing
The main advantage of trading using opposite Meinian Onehealth and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| Meinian Onehealth vs. Guangdong Transtek Medical | Meinian Onehealth vs. China Publishing Media | Meinian Onehealth vs. Shanghai Action Education | Meinian Onehealth vs. Touchstone International Medical |
| Anhui Gujing vs. Longjian Road Bridge | Anhui Gujing vs. Mingchen Health Co | Anhui Gujing vs. Xinjiang Beixin RoadBridge | Anhui Gujing vs. Meinian Onehealth Healthcare |
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.
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