Correlation Between Meinian Onehealth and Kweichow Moutai
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Kweichow Moutai Co, you can compare the effects of market volatilities on Meinian Onehealth and Kweichow Moutai 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 Kweichow Moutai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Kweichow Moutai.
Diversification Opportunities for Meinian Onehealth and Kweichow Moutai
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Meinian and Kweichow is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Kweichow Moutai Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kweichow Moutai 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 Kweichow Moutai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kweichow Moutai has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Kweichow Moutai go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Kweichow Moutai
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 5.03 times more return on investment than Kweichow Moutai. However, Meinian Onehealth is 5.03 times more volatile than Kweichow Moutai Co. It trades about 0.47 of its potential returns per unit of risk. Kweichow Moutai Co is currently generating about 0.09 per unit of risk. If you would invest 436.00 in Meinian Onehealth Healthcare on November 28, 2024 and sell it today you would earn a total of 220.00 from holding Meinian Onehealth Healthcare or generate 50.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Kweichow Moutai Co
Performance |
| Timeline |
| Meinian Onehealth |
| Kweichow Moutai |
Meinian Onehealth and Kweichow Moutai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Kweichow Moutai
The main advantage of trading using opposite Meinian Onehealth and Kweichow Moutai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Kweichow Moutai 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 Kweichow Moutai will offset losses from the drop in Kweichow Moutai's long position.| Meinian Onehealth vs. Suzhou Xingye Material | Meinian Onehealth vs. Orinko Advanced Plastics | Meinian Onehealth vs. Hengerda New Materials | Meinian Onehealth vs. By health |
| Kweichow Moutai vs. Humanwell Healthcare Group | Kweichow Moutai vs. Heren Health Co | Kweichow Moutai vs. Meinian Onehealth Healthcare | Kweichow Moutai vs. Beijing Kingsoft Office |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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