Correlation Between Jiangsu Jinling and Meinian Onehealth
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Jiangsu Jinling 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 Jiangsu Jinling with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Meinian Onehealth.
Diversification Opportunities for Jiangsu Jinling and Meinian Onehealth
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Meinian is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Jiangsu Jinling 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 Jiangsu Jinling Sports 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 Jiangsu Jinling i.e., Jiangsu Jinling and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Meinian Onehealth
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 1.66 times less return on investment than Meinian Onehealth. In addition to that, Jiangsu Jinling is 1.0 times more volatile than Meinian Onehealth Healthcare. It trades about 0.07 of its total potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.11 per unit of volatility. If you would invest 433.00 in Meinian Onehealth Healthcare on August 30, 2024 and sell it today you would earn a total of 55.00 from holding Meinian Onehealth Healthcare or generate 12.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Meinian Onehealth |
Jiangsu Jinling and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Meinian Onehealth
The main advantage of trading using opposite Jiangsu Jinling and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling 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.| Jiangsu Jinling vs. Cambricon Technologies Corp | Jiangsu Jinling vs. Loongson Technology Corp | Jiangsu Jinling vs. Shenzhen Fortune Trend | Jiangsu Jinling vs. Chongqing Road Bridge |
| Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Shenzhen Mindray Bio Medical | Meinian Onehealth vs. Jiangsu Pacific Quartz | Meinian Onehealth vs. G bits Network Technology |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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