Correlation Between Meinian Onehealth and Piotech
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Piotech Inc A, you can compare the effects of market volatilities on Meinian Onehealth and Piotech 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 Piotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Piotech.
Diversification Opportunities for Meinian Onehealth and Piotech
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Piotech is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Piotech Inc A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Piotech Inc A 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 Piotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Piotech Inc A has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Piotech go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Piotech
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Piotech. But the stock apears to be less risky and, when comparing its historical volatility, Meinian Onehealth Healthcare is 1.77 times less risky than Piotech. The stock trades about -0.03 of its potential returns per unit of risk. The Piotech Inc A is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 16,864 in Piotech Inc A on October 14, 2024 and sell it today you would lose (2,544) from holding Piotech Inc A or give up 15.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Piotech Inc A
Performance |
| Timeline |
| Meinian Onehealth |
| Piotech Inc A |
Meinian Onehealth and Piotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Piotech
The main advantage of trading using opposite Meinian Onehealth and Piotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Piotech 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 Piotech will offset losses from the drop in Piotech's long position.| Meinian Onehealth vs. Tongyu Communication | Meinian Onehealth vs. Zhejiang Construction Investment | Meinian Onehealth vs. Shanghai Material Trading | Meinian Onehealth vs. Jointo Energy Investment |
| Piotech vs. Jiangsu Broadcasting Cable | Piotech vs. PKU HealthCare Corp | Piotech vs. Meinian Onehealth Healthcare | Piotech vs. Longjian Road Bridge |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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