Correlation Between Meinian Onehealth and Zhuzhou Feilu
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Zhuzhou Feilu High Tech, you can compare the effects of market volatilities on Meinian Onehealth and Zhuzhou Feilu 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 Zhuzhou Feilu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Zhuzhou Feilu.
Diversification Opportunities for Meinian Onehealth and Zhuzhou Feilu
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Meinian and Zhuzhou is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Zhuzhou Feilu High Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Feilu High 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 Zhuzhou Feilu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Feilu High has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Zhuzhou Feilu go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Zhuzhou Feilu
Assuming the 90 days trading horizon Meinian Onehealth is expected to generate 1.39 times less return on investment than Zhuzhou Feilu. In addition to that, Meinian Onehealth is 1.1 times more volatile than Zhuzhou Feilu High Tech. It trades about 0.04 of its total potential returns per unit of risk. Zhuzhou Feilu High Tech is currently generating about 0.06 per unit of volatility. If you would invest 730.00 in Zhuzhou Feilu High Tech on September 12, 2024 and sell it today you would earn a total of 18.00 from holding Zhuzhou Feilu High Tech or generate 2.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Zhuzhou Feilu High Tech
Performance |
| Timeline |
| Meinian Onehealth |
| Zhuzhou Feilu High |
Meinian Onehealth and Zhuzhou Feilu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Zhuzhou Feilu
The main advantage of trading using opposite Meinian Onehealth and Zhuzhou Feilu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Zhuzhou Feilu 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 Zhuzhou Feilu will offset losses from the drop in Zhuzhou Feilu's long position.| Meinian Onehealth vs. Cultural Investment Holdings | Meinian Onehealth vs. Gome Telecom Equipment | Meinian Onehealth vs. Holitech Technology Co | Meinian Onehealth vs. Zotye Automobile Co |
| Zhuzhou Feilu vs. Zhejiang Xiantong RubberPlastic | Zhuzhou Feilu vs. Hengerda New Materials | Zhuzhou Feilu vs. Eastern Air Logistics | Zhuzhou Feilu vs. Kunwu Jiuding Investment |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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