Correlation Between Meinian Onehealth and Fujian Oriental
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Fujian Oriental Silver, you can compare the effects of market volatilities on Meinian Onehealth and Fujian Oriental 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 Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Fujian Oriental.
Diversification Opportunities for Meinian Onehealth and Fujian Oriental
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Meinian and Fujian is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Fujian Oriental go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Fujian Oriental
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 0.3 times more return on investment than Fujian Oriental. However, Meinian Onehealth Healthcare is 3.3 times less risky than Fujian Oriental. It trades about 0.05 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about -0.15 per unit of risk. If you would invest 431.00 in Meinian Onehealth Healthcare on November 5, 2024 and sell it today you would earn a total of 5.00 from holding Meinian Onehealth Healthcare or generate 1.16% 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. Fujian Oriental Silver
Performance |
| Timeline |
| Meinian Onehealth |
| Fujian Oriental Silver |
Meinian Onehealth and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Fujian Oriental
The main advantage of trading using opposite Meinian Onehealth and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental'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 |
| Fujian Oriental vs. Wintao Communications Co | Fujian Oriental vs. Guangzhou Haige Communications | Fujian Oriental vs. CICT Mobile Communication | Fujian Oriental vs. Changchun BCHT Biotechnology |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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