Correlation Between Xinhua Winshare and Mingchen Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinhua Winshare Publishing and Mingchen Health Co, you can compare the effects of market volatilities on Xinhua Winshare and Mingchen Health 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 Xinhua Winshare with a short position of Mingchen Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Mingchen Health.
Diversification Opportunities for Xinhua Winshare and Mingchen Health
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Xinhua and Mingchen is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Mingchen Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mingchen Health and Xinhua Winshare 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 Xinhua Winshare Publishing are associated (or correlated) with Mingchen Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mingchen Health has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Mingchen Health go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Mingchen Health
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.4 times more return on investment than Mingchen Health. However, Xinhua Winshare Publishing is 2.53 times less risky than Mingchen Health. It trades about -0.18 of its potential returns per unit of risk. Mingchen Health Co is currently generating about -0.23 per unit of risk. If you would invest 1,540 in Xinhua Winshare Publishing on October 17, 2024 and sell it today you would lose (95.00) from holding Xinhua Winshare Publishing or give up 6.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Mingchen Health Co
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Mingchen Health |
Xinhua Winshare and Mingchen Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Mingchen Health
The main advantage of trading using opposite Xinhua Winshare and Mingchen Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Mingchen Health 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 Mingchen Health will offset losses from the drop in Mingchen Health's long position.| Xinhua Winshare vs. Liaoning Dingjide Petrochemical | Xinhua Winshare vs. Jilin Chemical Fibre | Xinhua Winshare vs. Wuxi Chemical Equipment | Xinhua Winshare vs. Ningxia Younglight Chemicals |
| Mingchen Health vs. Shanghai Action Education | Mingchen Health vs. Wasu Media Holding | Mingchen Health vs. Xinhua Winshare Publishing | Mingchen Health vs. Hengdian Entertainment Co |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |