Correlation Between Chongqing Sokon and Meinian Onehealth
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By analyzing existing cross correlation between Chongqing Sokon Ind and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Chongqing Sokon 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 Chongqing Sokon with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chongqing Sokon and Meinian Onehealth.
Diversification Opportunities for Chongqing Sokon and Meinian Onehealth
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chongqing and Meinian is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Sokon Ind and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Chongqing Sokon 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 Chongqing Sokon Ind 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 Chongqing Sokon i.e., Chongqing Sokon and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Chongqing Sokon and Meinian Onehealth
Assuming the 90 days trading horizon Chongqing Sokon Ind is expected to generate 1.61 times more return on investment than Meinian Onehealth. However, Chongqing Sokon is 1.61 times more volatile than Meinian Onehealth Healthcare. It trades about 0.08 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.01 per unit of risk. If you would invest 4,552 in Chongqing Sokon Ind on September 4, 2024 and sell it today you would earn a total of 8,823 from holding Chongqing Sokon Ind or generate 193.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chongqing Sokon Ind vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Chongqing Sokon Ind |
| Meinian Onehealth |
Chongqing Sokon and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chongqing Sokon and Meinian Onehealth
The main advantage of trading using opposite Chongqing Sokon and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chongqing Sokon 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.| Chongqing Sokon vs. Guangzhou KingTeller Technology | Chongqing Sokon vs. Tibet Huayu Mining | Chongqing Sokon vs. Western Superconducting Tech | Chongqing Sokon vs. Guocheng Mining Co |
| Meinian Onehealth vs. Chengtun Mining Group | Meinian Onehealth vs. Tianjin Silvery Dragon | Meinian Onehealth vs. Guangdong Silvere Sci | Meinian Onehealth vs. Tibet Huayu Mining |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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