Correlation Between Meinian Onehealth and Maoming Petro
Specify exactly 2 symbols:
By analyzing existing cross correlation between Meinian Onehealth Healthcare and Maoming Petro Chemical Shihua, you can compare the effects of market volatilities on Meinian Onehealth and Maoming Petro 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 Maoming Petro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Maoming Petro.
Diversification Opportunities for Meinian Onehealth and Maoming Petro
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Meinian and Maoming is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Maoming Petro Chemical Shihua in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maoming Petro Chemical 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 Maoming Petro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maoming Petro Chemical has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Maoming Petro go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Maoming Petro
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Maoming Petro. In addition to that, Meinian Onehealth is 1.03 times more volatile than Maoming Petro Chemical Shihua. It trades about -0.11 of its total potential returns per unit of risk. Maoming Petro Chemical Shihua is currently generating about -0.09 per unit of volatility. If you would invest 411.00 in Maoming Petro Chemical Shihua on November 6, 2024 and sell it today you would lose (48.00) from holding Maoming Petro Chemical Shihua or give up 11.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Maoming Petro Chemical Shihua
Performance |
| Timeline |
| Meinian Onehealth |
| Maoming Petro Chemical |
Meinian Onehealth and Maoming Petro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Maoming Petro
The main advantage of trading using opposite Meinian Onehealth and Maoming Petro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Maoming Petro 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 Maoming Petro will offset losses from the drop in Maoming Petro's long position.| Meinian Onehealth vs. Zhejiang Huatong Meat | Meinian Onehealth vs. Guilin Seamild Foods | Meinian Onehealth vs. Suzhou Weizhixiang Food | Meinian Onehealth vs. Malion New Materials |
| Maoming Petro vs. Offcn Education Technology | Maoming Petro vs. Dareway Software Co | Maoming Petro vs. Jiangsu Hoperun Software | Maoming Petro vs. Fujian Boss Software |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |