Correlation Between Meinian Onehealth and Bingo Software
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Bingo Software Co, you can compare the effects of market volatilities on Meinian Onehealth and Bingo Software 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 Bingo Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Bingo Software.
Diversification Opportunities for Meinian Onehealth and Bingo Software
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Meinian and Bingo is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Bingo Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingo Software 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 Bingo Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingo Software has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Bingo Software go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Bingo Software
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Bingo Software. But the stock apears to be less risky and, when comparing its historical volatility, Meinian Onehealth Healthcare is 2.32 times less risky than Bingo Software. The stock trades about -0.62 of its potential returns per unit of risk. The Bingo Software Co is currently generating about -0.24 of returns per unit of risk over similar time horizon. If you would invest 3,094 in Bingo Software Co on October 12, 2024 and sell it today you would lose (578.00) from holding Bingo Software Co or give up 18.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Bingo Software Co
Performance |
| Timeline |
| Meinian Onehealth |
| Bingo Software |
Meinian Onehealth and Bingo Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Bingo Software
The main advantage of trading using opposite Meinian Onehealth and Bingo Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Bingo Software 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 Bingo Software will offset losses from the drop in Bingo Software's long position.| Meinian Onehealth vs. Guangdong Transtek Medical | Meinian Onehealth vs. China Publishing Media | Meinian Onehealth vs. Shanghai Action Education | Meinian Onehealth vs. Touchstone International Medical |
| Bingo Software vs. Meinian Onehealth Healthcare | Bingo Software vs. Impulse Qingdao Health | Bingo Software vs. Jinlong Machinery Electronic | Bingo Software vs. Healthcare 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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