Correlation Between Guilin Seamild and Meinian Onehealth
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guilin Seamild Foods and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Guilin Seamild 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 Guilin Seamild with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guilin Seamild and Meinian Onehealth.
Diversification Opportunities for Guilin Seamild and Meinian Onehealth
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guilin and Meinian is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Guilin Seamild Foods and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Guilin Seamild 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 Guilin Seamild Foods 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 Guilin Seamild i.e., Guilin Seamild and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Guilin Seamild and Meinian Onehealth
Assuming the 90 days trading horizon Guilin Seamild Foods is expected to generate 1.55 times more return on investment than Meinian Onehealth. However, Guilin Seamild is 1.55 times more volatile than Meinian Onehealth Healthcare. It trades about 0.08 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.13 per unit of risk. If you would invest 1,456 in Guilin Seamild Foods on October 30, 2024 and sell it today you would earn a total of 120.00 from holding Guilin Seamild Foods or generate 8.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guilin Seamild Foods vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Guilin Seamild Foods |
| Meinian Onehealth |
Guilin Seamild and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guilin Seamild and Meinian Onehealth
The main advantage of trading using opposite Guilin Seamild and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guilin Seamild 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.| Guilin Seamild vs. Panda Financial Holding | Guilin Seamild vs. Biwin Storage Technology | Guilin Seamild vs. Hua Xia Bank | Guilin Seamild vs. East Money Information |
| Meinian Onehealth vs. Fujian Longzhou Transportation | Meinian Onehealth vs. Guangdong Jingyi Metal | Meinian Onehealth vs. Hainan Mining Co | Meinian Onehealth vs. Puya Semiconductor Shanghai |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |