Correlation Between Sihui Fuji and Meinian Onehealth
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sihui Fuji Electronics and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Sihui Fuji 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 Sihui Fuji with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sihui Fuji and Meinian Onehealth.
Diversification Opportunities for Sihui Fuji and Meinian Onehealth
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sihui and Meinian is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Sihui Fuji Electronics and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Sihui Fuji 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 Sihui Fuji Electronics 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 Sihui Fuji i.e., Sihui Fuji and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Sihui Fuji and Meinian Onehealth
Assuming the 90 days trading horizon Sihui Fuji Electronics is expected to generate 1.34 times more return on investment than Meinian Onehealth. However, Sihui Fuji is 1.34 times more volatile than Meinian Onehealth Healthcare. It trades about 0.1 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.07 per unit of risk. If you would invest 2,179 in Sihui Fuji Electronics on November 3, 2024 and sell it today you would earn a total of 906.00 from holding Sihui Fuji Electronics or generate 41.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sihui Fuji Electronics vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Sihui Fuji Electronics |
| Meinian Onehealth |
Sihui Fuji and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sihui Fuji and Meinian Onehealth
The main advantage of trading using opposite Sihui Fuji and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sihui Fuji 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.| Sihui Fuji vs. Maxvision Technology Corp | Sihui Fuji vs. Olympic Circuit Technology | Sihui Fuji vs. ROPEOK Technology Group | Sihui Fuji vs. Fibocom Wireless |
| Meinian Onehealth vs. Shenzhen MYS Environmental | Meinian Onehealth vs. Humanwell Healthcare Group | Meinian Onehealth vs. Anhui Huaren Health | Meinian Onehealth vs. BTG Hotels Group |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |