Correlation Between Monalisa Group and Cowealth Medical
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By analyzing existing cross correlation between Monalisa Group Co and Cowealth Medical China, you can compare the effects of market volatilities on Monalisa Group and Cowealth Medical 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 Monalisa Group with a short position of Cowealth Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monalisa Group and Cowealth Medical.
Diversification Opportunities for Monalisa Group and Cowealth Medical
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Monalisa and Cowealth is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Monalisa Group Co and Cowealth Medical China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowealth Medical China and Monalisa Group 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 Monalisa Group Co are associated (or correlated) with Cowealth Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowealth Medical China has no effect on the direction of Monalisa Group i.e., Monalisa Group and Cowealth Medical go up and down completely randomly.
Pair Corralation between Monalisa Group and Cowealth Medical
Assuming the 90 days trading horizon Monalisa Group Co is expected to generate 3.95 times more return on investment than Cowealth Medical. However, Monalisa Group is 3.95 times more volatile than Cowealth Medical China. It trades about 0.03 of its potential returns per unit of risk. Cowealth Medical China is currently generating about -0.02 per unit of risk. If you would invest 1,985 in Monalisa Group Co on September 4, 2024 and sell it today you would lose (1,087) from holding Monalisa Group Co or give up 54.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.21% |
| Values | Daily Returns |
Monalisa Group Co vs. Cowealth Medical China
Performance |
| Timeline |
| Monalisa Group |
| Cowealth Medical China |
Monalisa Group and Cowealth Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monalisa Group and Cowealth Medical
The main advantage of trading using opposite Monalisa Group and Cowealth Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monalisa Group position performs unexpectedly, Cowealth Medical 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 Cowealth Medical will offset losses from the drop in Cowealth Medical's long position.| Monalisa Group vs. Agricultural Bank of | Monalisa Group vs. Industrial and Commercial | Monalisa Group vs. Bank of China | Monalisa Group vs. China Construction Bank |
| Cowealth Medical vs. Kweichow Moutai Co | Cowealth Medical vs. Shenzhen Mindray Bio Medical | Cowealth Medical vs. Jiangsu Pacific Quartz | Cowealth Medical vs. G bits Network Technology |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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