Correlation Between Meinian Onehealth and Shanghai Yaoji
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Shanghai Yaoji Playing, you can compare the effects of market volatilities on Meinian Onehealth and Shanghai Yaoji 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 Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Shanghai Yaoji.
Diversification Opportunities for Meinian Onehealth and Shanghai Yaoji
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and Shanghai is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing 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 Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Shanghai Yaoji
Assuming the 90 days trading horizon Meinian Onehealth is expected to generate 2.24 times less return on investment than Shanghai Yaoji. But when comparing it to its historical volatility, Meinian Onehealth Healthcare is 1.54 times less risky than Shanghai Yaoji. It trades about 0.11 of its potential returns per unit of risk. Shanghai Yaoji Playing is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 2,532 in Shanghai Yaoji Playing on August 30, 2024 and sell it today you would earn a total of 767.00 from holding Shanghai Yaoji Playing or generate 30.29% 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. Shanghai Yaoji Playing
Performance |
| Timeline |
| Meinian Onehealth |
| Shanghai Yaoji Playing |
Meinian Onehealth and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Shanghai Yaoji
The main advantage of trading using opposite Meinian Onehealth and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's 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 |
| Shanghai Yaoji vs. Cambricon Technologies Corp | Shanghai Yaoji vs. Loongson Technology Corp | Shanghai Yaoji vs. Shenzhen Fortune Trend | Shanghai Yaoji vs. Chongqing Road Bridge |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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