Correlation Between Mingchen Health and Anhui Gujing
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By analyzing existing cross correlation between Mingchen Health Co and Anhui Gujing Distillery, you can compare the effects of market volatilities on Mingchen Health and Anhui Gujing 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 Mingchen Health with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mingchen Health and Anhui Gujing.
Diversification Opportunities for Mingchen Health and Anhui Gujing
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mingchen and Anhui is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Mingchen Health Co and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and Mingchen Health 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 Mingchen Health Co are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Mingchen Health i.e., Mingchen Health and Anhui Gujing go up and down completely randomly.
Pair Corralation between Mingchen Health and Anhui Gujing
Assuming the 90 days trading horizon Mingchen Health Co is expected to generate 2.06 times more return on investment than Anhui Gujing. However, Mingchen Health is 2.06 times more volatile than Anhui Gujing Distillery. It trades about -0.01 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.25 per unit of risk. If you would invest 1,574 in Mingchen Health Co on October 11, 2024 and sell it today you would lose (57.00) from holding Mingchen Health Co or give up 3.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mingchen Health Co vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Mingchen Health |
| Anhui Gujing Distillery |
Mingchen Health and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mingchen Health and Anhui Gujing
The main advantage of trading using opposite Mingchen Health and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mingchen Health position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| Mingchen Health vs. Duzhe Publishing Media | Mingchen Health vs. Tianshui Huatian Technology | Mingchen Health vs. Sharetronic Data Technology | Mingchen Health vs. Omnijoi Media Corp |
| Anhui Gujing vs. Longjian Road Bridge | Anhui Gujing vs. Mingchen Health Co | Anhui Gujing vs. Xinjiang Beixin RoadBridge | Anhui Gujing vs. Meinian Onehealth Healthcare |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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