Correlation Between Meinian Onehealth and Shanghai Newtouch
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Shanghai Newtouch Software, you can compare the effects of market volatilities on Meinian Onehealth and Shanghai Newtouch 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 Shanghai Newtouch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Shanghai Newtouch.
Diversification Opportunities for Meinian Onehealth and Shanghai Newtouch
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Shanghai is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Shanghai Newtouch Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Newtouch 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 Shanghai Newtouch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Newtouch has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Shanghai Newtouch go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Shanghai Newtouch
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 0.5 times more return on investment than Shanghai Newtouch. However, Meinian Onehealth Healthcare is 1.99 times less risky than Shanghai Newtouch. It trades about -0.43 of its potential returns per unit of risk. Shanghai Newtouch Software is currently generating about -0.4 per unit of risk. If you would invest 509.00 in Meinian Onehealth Healthcare on October 11, 2024 and sell it today you would lose (84.00) from holding Meinian Onehealth Healthcare or give up 16.5% 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. Shanghai Newtouch Software
Performance |
| Timeline |
| Meinian Onehealth |
| Shanghai Newtouch |
Meinian Onehealth and Shanghai Newtouch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Meinian Onehealth and Shanghai Newtouch
The main advantage of trading using opposite Meinian Onehealth and Shanghai Newtouch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Shanghai Newtouch 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 Shanghai Newtouch will offset losses from the drop in Shanghai Newtouch'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 |
| Shanghai Newtouch vs. Unisplendour Corp | Shanghai Newtouch vs. Jiangxi Hengda Hi Tech | Shanghai Newtouch vs. Shanghai Shibei Hi Tech | Shanghai Newtouch vs. Maccura Biotechnology 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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