Correlation Between Meinian Onehealth and Kingsignal Technology
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Kingsignal Technology Co, you can compare the effects of market volatilities on Meinian Onehealth and Kingsignal Technology 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 Kingsignal Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Kingsignal Technology.
Diversification Opportunities for Meinian Onehealth and Kingsignal Technology
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and Kingsignal is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Kingsignal Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingsignal 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 Kingsignal Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingsignal Technology has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Kingsignal Technology go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Kingsignal Technology
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 0.84 times more return on investment than Kingsignal Technology. However, Meinian Onehealth Healthcare is 1.19 times less risky than Kingsignal Technology. It trades about 0.15 of its potential returns per unit of risk. Kingsignal Technology Co is currently generating about 0.08 per unit of risk. If you would invest 471.00 in Meinian Onehealth Healthcare on September 5, 2024 and sell it today you would earn a total of 39.00 from holding Meinian Onehealth Healthcare or generate 8.28% 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. Kingsignal Technology Co
Performance |
| Timeline |
| Meinian Onehealth |
| Kingsignal Technology |
Meinian Onehealth and Kingsignal Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Kingsignal Technology
The main advantage of trading using opposite Meinian Onehealth and Kingsignal Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Kingsignal Technology 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 Kingsignal Technology will offset losses from the drop in Kingsignal Technology's long position.| Meinian Onehealth vs. BeiGene | Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Beijing Roborock Technology | Meinian Onehealth vs. G bits Network Technology |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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