Correlation Between Meinian Onehealth and Dow Jones
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Dow Jones Industrial, you can compare the effects of market volatilities on Meinian Onehealth and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Dow Jones.
Diversification Opportunities for Meinian Onehealth and Dow Jones
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Meinian and Dow is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Dow Jones go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Dow Jones
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to generate 3.3 times more return on investment than Dow Jones. However, Meinian Onehealth is 3.3 times more volatile than Dow Jones Industrial. It trades about 0.16 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.27 per unit of risk. If you would invest 442.00 in Meinian Onehealth Healthcare on August 30, 2024 and sell it today you would earn a total of 48.00 from holding Meinian Onehealth Healthcare or generate 10.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Meinian Onehealth Healthcare vs. Dow Jones Industrial
Performance |
| Timeline |
Meinian Onehealth and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Meinian Onehealth Healthcare
Pair trading matchups for Meinian Onehealth
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Meinian Onehealth and Dow Jones
The main advantage of trading using opposite Meinian Onehealth and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Shenzhen Mindray Bio Medical | Meinian Onehealth vs. Jiangsu Pacific Quartz | Meinian Onehealth vs. G bits Network Technology |
| Dow Jones vs. Skillful Craftsman Education | Dow Jones vs. Acco Brands | Dow Jones vs. Cracker Barrel Old | Dow Jones vs. Coursera |
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 Stocks Directory module to find actively traded stocks across global markets.
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