Correlation Between Meinian Onehealth and China Securities
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and China Securities 800, you can compare the effects of market volatilities on Meinian Onehealth and China Securities 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 China Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and China Securities.
Diversification Opportunities for Meinian Onehealth and China Securities
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and China is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and China Securities 800 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Securities 800 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 China Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Securities 800 has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and China Securities go up and down completely randomly.
Pair Corralation between Meinian Onehealth and China Securities
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 2.18 times more return on investment than China Securities. However, Meinian Onehealth is 2.18 times more volatile than China Securities 800. It trades about 0.16 of its potential returns per unit of risk. China Securities 800 is currently generating about -0.03 per unit of risk. If you would invest 442.00 in Meinian Onehealth Healthcare on August 30, 2024 and sell it today you would earn a total of 48.00 from holding Meinian Onehealth Healthcare or generate 10.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. China Securities 800
Performance |
| Timeline |
Meinian Onehealth and China Securities Volatility Contrast
Predicted Return Density |
| Returns |
Meinian Onehealth Healthcare
Pair trading matchups for Meinian Onehealth
China Securities 800
Pair trading matchups for China Securities
Pair Trading with Meinian Onehealth and China Securities
The main advantage of trading using opposite Meinian Onehealth and China Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, China Securities 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 China Securities will offset losses from the drop in China Securities' long position.| Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Shenzhen Mindray Bio Medical | Meinian Onehealth vs. Jiangsu Pacific Quartz | Meinian Onehealth vs. G bits Network Technology |
| China Securities vs. Anhui Huaren Health | China Securities vs. Everjoy Health Group | China Securities vs. Meinian Onehealth Healthcare | China Securities vs. Shanghai Rongtai Health |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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