Correlation Between Guangdong Transtek and Meinian Onehealth
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By analyzing existing cross correlation between Guangdong Transtek Medical and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Guangdong Transtek 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 Guangdong Transtek with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Transtek and Meinian Onehealth.
Diversification Opportunities for Guangdong Transtek and Meinian Onehealth
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangdong and Meinian is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Transtek Medical and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Guangdong Transtek 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 Guangdong Transtek Medical 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 Guangdong Transtek i.e., Guangdong Transtek and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Guangdong Transtek and Meinian Onehealth
Assuming the 90 days trading horizon Guangdong Transtek Medical is expected to generate 1.73 times more return on investment than Meinian Onehealth. However, Guangdong Transtek is 1.73 times more volatile than Meinian Onehealth Healthcare. It trades about 0.03 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.03 per unit of risk. If you would invest 971.00 in Guangdong Transtek Medical on October 11, 2024 and sell it today you would earn a total of 267.00 from holding Guangdong Transtek Medical or generate 27.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Transtek Medical vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Guangdong Transtek |
| Meinian Onehealth |
Guangdong Transtek and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Transtek and Meinian Onehealth
The main advantage of trading using opposite Guangdong Transtek and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Transtek 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.| Guangdong Transtek vs. Western Metal Materials | Guangdong Transtek vs. China Building Material | Guangdong Transtek vs. Jiangnan Mould Plastic | Guangdong Transtek vs. Ningxia Building Materials |
| Meinian Onehealth vs. Guangdong Transtek Medical | Meinian Onehealth vs. China Publishing Media | Meinian Onehealth vs. Shanghai Action Education | Meinian Onehealth vs. Touchstone International Medical |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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