Correlation Between Imeik Technology and Meinian Onehealth
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By analyzing existing cross correlation between Imeik Technology Development and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Imeik 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 Imeik Technology with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imeik Technology and Meinian Onehealth.
Diversification Opportunities for Imeik Technology and Meinian Onehealth
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Imeik and Meinian is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Imeik Technology Development and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Imeik 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 Imeik Technology Development 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 Imeik Technology i.e., Imeik Technology and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Imeik Technology and Meinian Onehealth
Assuming the 90 days trading horizon Imeik Technology Development is expected to under-perform the Meinian Onehealth. In addition to that, Imeik Technology is 1.44 times more volatile than Meinian Onehealth Healthcare. It trades about -0.33 of its total potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.24 per unit of volatility. If you would invest 477.00 in Meinian Onehealth Healthcare on October 22, 2024 and sell it today you would lose (37.00) from holding Meinian Onehealth Healthcare or give up 7.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Imeik Technology Development vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Imeik Technology Dev |
| Meinian Onehealth |
Imeik Technology and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imeik Technology and Meinian Onehealth
The main advantage of trading using opposite Imeik Technology and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imeik 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.| Imeik Technology vs. Meinian Onehealth Healthcare | Imeik Technology vs. Huizhou Speed Wireless | Imeik Technology vs. Ningbo Tech Bank Co | Imeik Technology vs. Youngy Health Co |
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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