Correlation Between Kingsignal Technology and Meinian Onehealth
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By analyzing existing cross correlation between Kingsignal Technology Co and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Kingsignal Technology 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 Kingsignal Technology with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and Meinian Onehealth.
Diversification Opportunities for Kingsignal Technology and Meinian Onehealth
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kingsignal and Meinian is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology Co and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Kingsignal Technology 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 Kingsignal Technology Co 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 Kingsignal Technology i.e., Kingsignal Technology and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Kingsignal Technology and Meinian Onehealth
Assuming the 90 days trading horizon Kingsignal Technology Co is expected to under-perform the Meinian Onehealth. In addition to that, Kingsignal Technology is 1.03 times more volatile than Meinian Onehealth Healthcare. It trades about -0.11 of its total potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.04 per unit of volatility. If you would invest 502.00 in Meinian Onehealth Healthcare on September 12, 2024 and sell it today you would earn a total of 7.00 from holding Meinian Onehealth Healthcare or generate 1.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsignal Technology Co vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Kingsignal Technology |
| Meinian Onehealth |
Kingsignal Technology and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsignal Technology and Meinian Onehealth
The main advantage of trading using opposite Kingsignal Technology and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology 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.| Kingsignal Technology vs. Gansu Jiu Steel | Kingsignal Technology vs. Shandong Mining Machinery | Kingsignal Technology vs. Aba Chemicals Corp | Kingsignal Technology vs. BlueFocus Communication Group |
| Meinian Onehealth vs. Cultural Investment Holdings | Meinian Onehealth vs. Gome Telecom Equipment | Meinian Onehealth vs. Holitech Technology Co | Meinian Onehealth vs. Zotye Automobile Co |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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