Correlation Between Meinian Onehealth and Beijing Zhong
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Beijing Zhong Ke, you can compare the effects of market volatilities on Meinian Onehealth and Beijing Zhong 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 Beijing Zhong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Beijing Zhong.
Diversification Opportunities for Meinian Onehealth and Beijing Zhong
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Meinian and Beijing is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Beijing Zhong Ke in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Zhong Ke 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 Beijing Zhong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Zhong Ke has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Beijing Zhong go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Beijing Zhong
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 1.1 times more return on investment than Beijing Zhong. However, Meinian Onehealth is 1.1 times more volatile than Beijing Zhong Ke. It trades about 0.0 of its potential returns per unit of risk. Beijing Zhong Ke is currently generating about -0.01 per unit of risk. If you would invest 548.00 in Meinian Onehealth Healthcare on September 2, 2024 and sell it today you would lose (56.00) from holding Meinian Onehealth Healthcare or give up 10.22% 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. Beijing Zhong Ke
Performance |
| Timeline |
| Meinian Onehealth |
| Beijing Zhong Ke |
Meinian Onehealth and Beijing Zhong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Beijing Zhong
The main advantage of trading using opposite Meinian Onehealth and Beijing Zhong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Beijing Zhong 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 Beijing Zhong will offset losses from the drop in Beijing Zhong's long position.| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. AVIC Fund Management | Meinian Onehealth vs. Shenzhen Bingchuan Network | Meinian Onehealth vs. Penghua Shenzhen Energy |
| Beijing Zhong vs. De Rucci Healthy | Beijing Zhong vs. Everjoy Health Group | Beijing Zhong vs. Hangzhou Minsheng Healthcare | Beijing Zhong 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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