Correlation Between Shenzhen Mindray and Meinian Onehealth
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Shenzhen Mindray 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 Shenzhen Mindray with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Meinian Onehealth.
Diversification Opportunities for Shenzhen Mindray and Meinian Onehealth
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Meinian is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio 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 Shenzhen Mindray 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 Shenzhen Mindray Bio 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 Shenzhen Mindray i.e., Shenzhen Mindray and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Meinian Onehealth
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to under-perform the Meinian Onehealth. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Mindray Bio Medical is 1.21 times less risky than Meinian Onehealth. The stock trades about -0.03 of its potential returns per unit of risk. The Meinian Onehealth Healthcare is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 469.00 in Meinian Onehealth Healthcare on September 2, 2024 and sell it today you would earn a total of 23.00 from holding Meinian Onehealth Healthcare or generate 4.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Mindray Bio Medical vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Meinian Onehealth |
Shenzhen Mindray and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Meinian Onehealth
The main advantage of trading using opposite Shenzhen Mindray and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray 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.| Shenzhen Mindray vs. Sunwave Communications Co | Shenzhen Mindray vs. Double Medical Technology | Shenzhen Mindray vs. Hengkang Medical Group | Shenzhen Mindray vs. Allwin Telecommunication Co |
| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. AVIC Fund Management | Meinian Onehealth vs. Shenzhen Bingchuan Network | Meinian Onehealth vs. Penghua Shenzhen Energy |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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