Correlation Between Meinian Onehealth and Suofeiya Home
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Suofeiya Home Collection, you can compare the effects of market volatilities on Meinian Onehealth and Suofeiya Home 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 Suofeiya Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Suofeiya Home.
Diversification Opportunities for Meinian Onehealth and Suofeiya Home
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Meinian and Suofeiya is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Suofeiya Home Collection in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suofeiya Home Collection 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 Suofeiya Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suofeiya Home Collection has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Suofeiya Home go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Suofeiya Home
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Suofeiya Home. But the stock apears to be less risky and, when comparing its historical volatility, Meinian Onehealth Healthcare is 1.32 times less risky than Suofeiya Home. The stock trades about -0.12 of its potential returns per unit of risk. The Suofeiya Home Collection is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 1,685 in Suofeiya Home Collection on November 3, 2024 and sell it today you would lose (47.00) from holding Suofeiya Home Collection or give up 2.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Suofeiya Home Collection
Performance |
| Timeline |
| Meinian Onehealth |
| Suofeiya Home Collection |
Meinian Onehealth and Suofeiya Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Suofeiya Home
The main advantage of trading using opposite Meinian Onehealth and Suofeiya Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Suofeiya Home 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 Suofeiya Home will offset losses from the drop in Suofeiya Home's long position.| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. Humanwell Healthcare Group | Meinian Onehealth vs. Anhui Huaren Health | Meinian Onehealth vs. BTG Hotels Group |
| Suofeiya Home vs. China Life Insurance | Suofeiya Home vs. National Silicon Industry | Suofeiya Home vs. Shanghai OPM Biosciences | Suofeiya Home vs. Nanhua Bio Medicine |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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