Correlation Between Meinian Onehealth and Chengtun Mining
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Chengtun Mining Group, you can compare the effects of market volatilities on Meinian Onehealth and Chengtun Mining 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 Chengtun Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Chengtun Mining.
Diversification Opportunities for Meinian Onehealth and Chengtun Mining
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Meinian and Chengtun is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Chengtun Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengtun Mining Group 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 Chengtun Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengtun Mining Group has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Chengtun Mining go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Chengtun Mining
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 1.32 times more return on investment than Chengtun Mining. However, Meinian Onehealth is 1.32 times more volatile than Chengtun Mining Group. It trades about 0.25 of its potential returns per unit of risk. Chengtun Mining Group is currently generating about 0.24 per unit of risk. If you would invest 336.00 in Meinian Onehealth Healthcare on September 12, 2024 and sell it today you would earn a total of 190.00 from holding Meinian Onehealth Healthcare or generate 56.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Chengtun Mining Group
Performance |
| Timeline |
| Meinian Onehealth |
| Chengtun Mining Group |
Meinian Onehealth and Chengtun Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Chengtun Mining
The main advantage of trading using opposite Meinian Onehealth and Chengtun Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Chengtun Mining 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 Chengtun Mining will offset losses from the drop in Chengtun Mining's long position.| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. AVIC Fund Management | Meinian Onehealth vs. Shenzhen Bingchuan Network | Meinian Onehealth vs. Penghua Shenzhen Energy |
| Chengtun Mining vs. Bengang Steel Plates | Chengtun Mining vs. Shenzhen MYS Environmental | Chengtun Mining vs. Central Plains Environment | Chengtun Mining vs. Jiangsu Yanghe Brewery |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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