Correlation Between Guangxi Guiguan and Meinian Onehealth
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By analyzing existing cross correlation between Guangxi Guiguan Electric and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Guangxi Guiguan 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 Guangxi Guiguan with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Guiguan and Meinian Onehealth.
Diversification Opportunities for Guangxi Guiguan and Meinian Onehealth
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guangxi and Meinian is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Guiguan Electric and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Guangxi Guiguan 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 Guangxi Guiguan Electric 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 Guangxi Guiguan i.e., Guangxi Guiguan and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Guangxi Guiguan and Meinian Onehealth
Assuming the 90 days trading horizon Guangxi Guiguan Electric is expected to generate 0.87 times more return on investment than Meinian Onehealth. However, Guangxi Guiguan Electric is 1.16 times less risky than Meinian Onehealth. It trades about -0.25 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.37 per unit of risk. If you would invest 703.00 in Guangxi Guiguan Electric on October 17, 2024 and sell it today you would lose (66.00) from holding Guangxi Guiguan Electric or give up 9.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangxi Guiguan Electric vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Guangxi Guiguan Electric |
| Meinian Onehealth |
Guangxi Guiguan and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangxi Guiguan and Meinian Onehealth
The main advantage of trading using opposite Guangxi Guiguan and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Guiguan 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.| Guangxi Guiguan vs. Industrial and Commercial | Guangxi Guiguan vs. Agricultural Bank of | Guangxi Guiguan vs. China Construction Bank | Guangxi Guiguan vs. Bank of China |
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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 Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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