Correlation Between Meinian Onehealth and Marssenger Kitchenware
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Meinian Onehealth and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Marssenger Kitchenware.
Diversification Opportunities for Meinian Onehealth and Marssenger Kitchenware
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Marssenger is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Marssenger Kitchenware
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Marssenger Kitchenware. But the stock apears to be less risky and, when comparing its historical volatility, Meinian Onehealth Healthcare is 3.2 times less risky than Marssenger Kitchenware. The stock trades about -0.25 of its potential returns per unit of risk. The Marssenger Kitchenware Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,421 in Marssenger Kitchenware Co on October 29, 2024 and sell it today you would lose (15.00) from holding Marssenger Kitchenware Co or give up 1.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Meinian Onehealth |
| Marssenger Kitchenware |
Meinian Onehealth and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Marssenger Kitchenware
The main advantage of trading using opposite Meinian Onehealth and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Meinian Onehealth vs. Bank of China | Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. PetroChina Co Ltd | Meinian Onehealth vs. Bank of Communications |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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