Correlation Between Meinian Onehealth and Zhongtong Guomai
Specify exactly 2 symbols:
By analyzing existing cross correlation between Meinian Onehealth Healthcare and Zhongtong Guomai Communication, you can compare the effects of market volatilities on Meinian Onehealth and Zhongtong Guomai 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 Zhongtong Guomai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Zhongtong Guomai.
Diversification Opportunities for Meinian Onehealth and Zhongtong Guomai
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Meinian and Zhongtong is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Zhongtong Guomai Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongtong Guomai Com 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 Zhongtong Guomai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongtong Guomai Com has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Zhongtong Guomai go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Zhongtong Guomai
Assuming the 90 days trading horizon Meinian Onehealth is expected to generate 5.78 times less return on investment than Zhongtong Guomai. But when comparing it to its historical volatility, Meinian Onehealth Healthcare is 1.32 times less risky than Zhongtong Guomai. It trades about 0.0 of its potential returns per unit of risk. Zhongtong Guomai Communication is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,322 in Zhongtong Guomai Communication on August 27, 2024 and sell it today you would lose (82.00) from holding Zhongtong Guomai Communication or give up 6.2% 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. Zhongtong Guomai Communication
Performance |
| Timeline |
| Meinian Onehealth |
| Zhongtong Guomai Com |
Meinian Onehealth and Zhongtong Guomai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Zhongtong Guomai
The main advantage of trading using opposite Meinian Onehealth and Zhongtong Guomai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Zhongtong Guomai 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 Zhongtong Guomai will offset losses from the drop in Zhongtong Guomai's long position.| Meinian Onehealth vs. Zhongtong Guomai Communication | Meinian Onehealth vs. Jilin Jlu Communication | Meinian Onehealth vs. Hubei Yingtong Telecommunication | Meinian Onehealth vs. CICT Mobile Communication |
| Zhongtong Guomai vs. Cultural Investment Holdings | Zhongtong Guomai vs. Gome Telecom Equipment | Zhongtong Guomai vs. Bus Online Co | Zhongtong Guomai vs. Holitech Technology 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |