Correlation Between Chengdu Xinzhu and Meinian Onehealth
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By analyzing existing cross correlation between Chengdu Xinzhu RoadBridge and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Chengdu Xinzhu and Meinian Onehealth 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 Chengdu Xinzhu with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Xinzhu and Meinian Onehealth.
Diversification Opportunities for Chengdu Xinzhu and Meinian Onehealth
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Chengdu and Meinian is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Xinzhu RoadBridge and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Chengdu Xinzhu 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 Chengdu Xinzhu RoadBridge are associated (or correlated) with Meinian Onehealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meinian Onehealth has no effect on the direction of Chengdu Xinzhu i.e., Chengdu Xinzhu and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Chengdu Xinzhu and Meinian Onehealth
Assuming the 90 days trading horizon Chengdu Xinzhu is expected to generate 1.13 times less return on investment than Meinian Onehealth. In addition to that, Chengdu Xinzhu is 1.52 times more volatile than Meinian Onehealth Healthcare. It trades about 0.05 of its total potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.08 per unit of volatility. If you would invest 475.00 in Meinian Onehealth Healthcare on September 1, 2024 and sell it today you would earn a total of 17.00 from holding Meinian Onehealth Healthcare or generate 3.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Xinzhu RoadBridge vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Chengdu Xinzhu RoadBridge |
| Meinian Onehealth |
Chengdu Xinzhu and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Xinzhu and Meinian Onehealth
The main advantage of trading using opposite Chengdu Xinzhu and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Xinzhu position performs unexpectedly, Meinian Onehealth 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 Meinian Onehealth will offset losses from the drop in Meinian Onehealth's long position.| Chengdu Xinzhu vs. Kweichow Moutai Co | Chengdu Xinzhu vs. NAURA Technology Group | Chengdu Xinzhu vs. Zhejiang Orient Gene | Chengdu Xinzhu vs. APT Medical |
| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. AVIC Fund Management | Meinian Onehealth vs. Shenzhen Bingchuan Network | Meinian Onehealth vs. Penghua Shenzhen Energy |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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