Correlation Between Meinian Onehealth and Ming Yang
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Ming Yang Smart, you can compare the effects of market volatilities on Meinian Onehealth and Ming Yang 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 Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Ming Yang.
Diversification Opportunities for Meinian Onehealth and Ming Yang
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Meinian and Ming is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart 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 Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Ming Yang go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Ming Yang
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 0.95 times more return on investment than Ming Yang. However, Meinian Onehealth Healthcare is 1.05 times less risky than Ming Yang. It trades about -0.03 of its potential returns per unit of risk. Ming Yang Smart is currently generating about -0.03 per unit of risk. If you would invest 677.00 in Meinian Onehealth Healthcare on August 27, 2024 and sell it today you would lose (188.00) from holding Meinian Onehealth Healthcare or give up 27.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Ming Yang Smart
Performance |
| Timeline |
| Meinian Onehealth |
| Ming Yang Smart |
Meinian Onehealth and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Ming Yang
The main advantage of trading using opposite Meinian Onehealth and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Meinian Onehealth vs. Ming Yang Smart | Meinian Onehealth vs. 159681 | Meinian Onehealth vs. 159005 | Meinian Onehealth vs. Loctek Ergonomic Technology |
| Ming Yang vs. Liaoning Dingjide Petrochemical | Ming Yang vs. Offcn Education Technology | Ming Yang vs. North Huajin Chemical | Ming Yang vs. Xinhua Winshare Publishing |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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