Correlation Between Meinian Onehealth and Jinhe Biotechnology
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Jinhe Biotechnology Co, you can compare the effects of market volatilities on Meinian Onehealth and Jinhe Biotechnology 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 Jinhe Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Jinhe Biotechnology.
Diversification Opportunities for Meinian Onehealth and Jinhe Biotechnology
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Meinian and Jinhe is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Jinhe Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhe Biotechnology 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 Jinhe Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhe Biotechnology has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Jinhe Biotechnology go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Jinhe Biotechnology
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 1.47 times more return on investment than Jinhe Biotechnology. However, Meinian Onehealth is 1.47 times more volatile than Jinhe Biotechnology Co. It trades about 0.11 of its potential returns per unit of risk. Jinhe Biotechnology Co is currently generating about 0.09 per unit of risk. If you would invest 433.00 in Meinian Onehealth Healthcare on August 30, 2024 and sell it today you would earn a total of 55.00 from holding Meinian Onehealth Healthcare or generate 12.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Jinhe Biotechnology Co
Performance |
| Timeline |
| Meinian Onehealth |
| Jinhe Biotechnology |
Meinian Onehealth and Jinhe Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Jinhe Biotechnology
The main advantage of trading using opposite Meinian Onehealth and Jinhe Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Jinhe Biotechnology 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 Jinhe Biotechnology will offset losses from the drop in Jinhe Biotechnology'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 |
| Jinhe Biotechnology vs. Agricultural Bank of | Jinhe Biotechnology vs. Industrial and Commercial | Jinhe Biotechnology vs. Bank of China | Jinhe Biotechnology vs. PetroChina Co Ltd |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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