Correlation Between Meinian Onehealth and China Eastern
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and China Eastern Airlines, you can compare the effects of market volatilities on Meinian Onehealth and China Eastern 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 Eastern. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and China Eastern.
Diversification Opportunities for Meinian Onehealth and China Eastern
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and China is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and China Eastern Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Eastern Airlines 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 Eastern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Eastern Airlines has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and China Eastern go up and down completely randomly.
Pair Corralation between Meinian Onehealth and China Eastern
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 1.65 times more return on investment than China Eastern. However, Meinian Onehealth is 1.65 times more volatile than China Eastern Airlines. It trades about 0.01 of its potential returns per unit of risk. China Eastern Airlines is currently generating about -0.04 per unit of risk. If you would invest 528.00 in Meinian Onehealth Healthcare on September 5, 2024 and sell it today you would lose (18.00) from holding Meinian Onehealth Healthcare or give up 3.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. China Eastern Airlines
Performance |
| Timeline |
| Meinian Onehealth |
| China Eastern Airlines |
Meinian Onehealth and China Eastern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and China Eastern
The main advantage of trading using opposite Meinian Onehealth and China Eastern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, China Eastern 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 Eastern will offset losses from the drop in China Eastern'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 |
| China Eastern vs. Shandong Sinoglory Health | China Eastern vs. PKU HealthCare Corp | China Eastern vs. Heren Health Co | China Eastern vs. Meinian Onehealth Healthcare |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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