Correlation Between Mingchen Health and Wintao Communications
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By analyzing existing cross correlation between Mingchen Health Co and Wintao Communications Co, you can compare the effects of market volatilities on Mingchen Health and Wintao Communications 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 Wintao Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mingchen Health and Wintao Communications.
Diversification Opportunities for Mingchen Health and Wintao Communications
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Mingchen and Wintao is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Mingchen Health Co and Wintao Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wintao Communications 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 Wintao Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wintao Communications has no effect on the direction of Mingchen Health i.e., Mingchen Health and Wintao Communications go up and down completely randomly.
Pair Corralation between Mingchen Health and Wintao Communications
Assuming the 90 days trading horizon Mingchen Health Co is expected to generate 1.29 times more return on investment than Wintao Communications. However, Mingchen Health is 1.29 times more volatile than Wintao Communications Co. It trades about 0.11 of its potential returns per unit of risk. Wintao Communications Co is currently generating about -0.03 per unit of risk. If you would invest 1,403 in Mingchen Health Co on October 25, 2024 and sell it today you would earn a total of 333.00 from holding Mingchen Health Co or generate 23.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mingchen Health Co vs. Wintao Communications Co
Performance |
| Timeline |
| Mingchen Health |
| Wintao Communications |
Mingchen Health and Wintao Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mingchen Health and Wintao Communications
The main advantage of trading using opposite Mingchen Health and Wintao Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mingchen Health position performs unexpectedly, Wintao Communications 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 Wintao Communications will offset losses from the drop in Wintao Communications' long position.| Mingchen Health vs. Agricultural Bank of | Mingchen Health vs. Postal Savings Bank | Mingchen Health vs. Bank of Communications | Mingchen Health vs. China Merchants Bank |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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