Correlation Between Meinian Onehealth and Cloud Live
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Cloud Live Technology, you can compare the effects of market volatilities on Meinian Onehealth and Cloud Live 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 Cloud Live. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Cloud Live.
Diversification Opportunities for Meinian Onehealth and Cloud Live
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Cloud is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Cloud Live Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cloud Live Technology 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 Cloud Live. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cloud Live Technology has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Cloud Live go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Cloud Live
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 0.37 times more return on investment than Cloud Live. However, Meinian Onehealth Healthcare is 2.72 times less risky than Cloud Live. It trades about -0.6 of its potential returns per unit of risk. Cloud Live Technology is currently generating about -0.48 per unit of risk. If you would invest 526.00 in Meinian Onehealth Healthcare on October 12, 2024 and sell it today you would lose (103.00) from holding Meinian Onehealth Healthcare or give up 19.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Cloud Live Technology
Performance |
| Timeline |
| Meinian Onehealth |
| Cloud Live Technology |
Meinian Onehealth and Cloud Live Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Cloud Live
The main advantage of trading using opposite Meinian Onehealth and Cloud Live positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Cloud Live 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 Cloud Live will offset losses from the drop in Cloud Live's long position.| Meinian Onehealth vs. Western Metal Materials | Meinian Onehealth vs. Lonkey Industrial Co | Meinian Onehealth vs. UE Furniture Co | Meinian Onehealth vs. Beijing Kingsoft Office |
| Cloud Live vs. Youngy Health Co | Cloud Live vs. Meinian Onehealth Healthcare | Cloud Live vs. Lotus Health Group | Cloud Live vs. Integrated Electronic Systems |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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