Correlation Between Meinian Onehealth and China Aluminum
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and China Aluminum International, you can compare the effects of market volatilities on Meinian Onehealth and China Aluminum 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 Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and China Aluminum.
Diversification Opportunities for Meinian Onehealth and China Aluminum
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Meinian and China is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and China Aluminum International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Aluminum Inter 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 Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Aluminum Inter has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and China Aluminum go up and down completely randomly.
Pair Corralation between Meinian Onehealth and China Aluminum
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 1.11 times more return on investment than China Aluminum. However, Meinian Onehealth is 1.11 times more volatile than China Aluminum International. It trades about -0.01 of its potential returns per unit of risk. China Aluminum International is currently generating about -0.01 per unit of risk. If you would invest 459.00 in Meinian Onehealth Healthcare on October 14, 2024 and sell it today you would lose (40.00) from holding Meinian Onehealth Healthcare or give up 8.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. China Aluminum International
Performance |
| Timeline |
| Meinian Onehealth |
| China Aluminum Inter |
Meinian Onehealth and China Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and China Aluminum
The main advantage of trading using opposite Meinian Onehealth and China Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, China Aluminum 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 Aluminum will offset losses from the drop in China Aluminum's long position.| Meinian Onehealth vs. Fiberhome Telecommunication Technologies | Meinian Onehealth vs. FSPG Hi Tech Co | Meinian Onehealth vs. Guocheng Mining Co | Meinian Onehealth vs. Hangzhou Arcvideo Technology |
| China Aluminum vs. Meinian Onehealth Healthcare | China Aluminum vs. Anhui Huaren Health | China Aluminum vs. Shandong Hongchuang Aluminum | China Aluminum vs. CITIC Metal Co |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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