Correlation Between Meinian Onehealth and Integrated Electronic
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Integrated Electronic Systems, you can compare the effects of market volatilities on Meinian Onehealth and Integrated Electronic 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 Integrated Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Integrated Electronic.
Diversification Opportunities for Meinian Onehealth and Integrated Electronic
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Integrated is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Integrated Electronic Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrated Electronic 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 Integrated Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrated Electronic has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Integrated Electronic go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Integrated Electronic
Assuming the 90 days trading horizon Meinian Onehealth is expected to generate 2.37 times less return on investment than Integrated Electronic. But when comparing it to its historical volatility, Meinian Onehealth Healthcare is 1.74 times less risky than Integrated Electronic. It trades about 0.05 of its potential returns per unit of risk. Integrated Electronic Systems is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 641.00 in Integrated Electronic Systems on November 5, 2024 and sell it today you would earn a total of 17.00 from holding Integrated Electronic Systems or generate 2.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Integrated Electronic Systems
Performance |
| Timeline |
| Meinian Onehealth |
| Integrated Electronic |
Meinian Onehealth and Integrated Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Integrated Electronic
The main advantage of trading using opposite Meinian Onehealth and Integrated Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Integrated Electronic 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 Integrated Electronic will offset losses from the drop in Integrated Electronic's long position.| Meinian Onehealth vs. Advanced Technology Materials | Meinian Onehealth vs. Fuda Alloy Materials | Meinian Onehealth vs. Jiujiang Shanshui Technology | Meinian Onehealth vs. Kangping Technology Co |
| Integrated Electronic vs. Zhongyin Babi Food | Integrated Electronic vs. Zhejiang Huatong Meat | Integrated Electronic vs. Namchow Food Group | Integrated Electronic vs. Guangzhou KingTeller Technology |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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