Correlation Between Meinian Onehealth and Imeik Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Meinian Onehealth Healthcare and Imeik Technology Development, you can compare the effects of market volatilities on Meinian Onehealth and Imeik 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 Imeik Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Imeik Technology.
Diversification Opportunities for Meinian Onehealth and Imeik Technology
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Imeik is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Imeik Technology Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Imeik Technology Dev 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 Imeik Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Imeik Technology Dev has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Imeik Technology go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Imeik Technology
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 0.57 times more return on investment than Imeik Technology. However, Meinian Onehealth Healthcare is 1.74 times less risky than Imeik Technology. It trades about 0.07 of its potential returns per unit of risk. Imeik Technology Development is currently generating about 0.02 per unit of risk. If you would invest 367.00 in Meinian Onehealth Healthcare on November 3, 2024 and sell it today you would earn a total of 69.00 from holding Meinian Onehealth Healthcare or generate 18.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Imeik Technology Development
Performance |
| Timeline |
| Meinian Onehealth |
| Imeik Technology Dev |
Meinian Onehealth and Imeik Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Imeik Technology
The main advantage of trading using opposite Meinian Onehealth and Imeik Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Imeik 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 Imeik Technology will offset losses from the drop in Imeik Technology's long position.| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. Humanwell Healthcare Group | Meinian Onehealth vs. Anhui Huaren Health | Meinian Onehealth vs. BTG Hotels Group |
| Imeik Technology vs. Guangdong Jinma Entertainment | Imeik Technology vs. Thinkingdom Media Group | Imeik Technology vs. Vohringer Home Technology | Imeik Technology vs. Shandong Publishing Media |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |