Correlation Between Meinian Onehealth and China Petroleum
Specify exactly 2 symbols:
By analyzing existing cross correlation between Meinian Onehealth Healthcare and China Petroleum Chemical, you can compare the effects of market volatilities on Meinian Onehealth and China Petroleum 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 China Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and China Petroleum.
Diversification Opportunities for Meinian Onehealth and China Petroleum
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Meinian and China is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and China Petroleum Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Petroleum Chemical 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 China Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Petroleum Chemical has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and China Petroleum go up and down completely randomly.
Pair Corralation between Meinian Onehealth and China Petroleum
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the China Petroleum. In addition to that, Meinian Onehealth is 1.38 times more volatile than China Petroleum Chemical. It trades about -0.03 of its total potential returns per unit of risk. China Petroleum Chemical is currently generating about 0.05 per unit of volatility. If you would invest 437.00 in China Petroleum Chemical on November 5, 2024 and sell it today you would earn a total of 171.00 from holding China Petroleum Chemical or generate 39.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. China Petroleum Chemical
Performance |
| Timeline |
| Meinian Onehealth |
| China Petroleum Chemical |
Meinian Onehealth and China Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and China Petroleum
The main advantage of trading using opposite Meinian Onehealth and China Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, China Petroleum 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 China Petroleum will offset losses from the drop in China Petroleum's long position.| Meinian Onehealth vs. Advanced Technology Materials | Meinian Onehealth vs. Fuda Alloy Materials | Meinian Onehealth vs. Jiujiang Shanshui Technology | Meinian Onehealth vs. Kangping Technology Co |
| China Petroleum vs. Zhengping RoadBridge Constr | China Petroleum vs. HeNan Splendor Science | China Petroleum vs. Longjian Road Bridge | China Petroleum vs. XiAn Dagang Road |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |