Correlation Between Bank of China and Meinian Onehealth
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By analyzing existing cross correlation between Bank of China and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Bank of China 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 Bank of China with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Meinian Onehealth.
Diversification Opportunities for Bank of China and Meinian Onehealth
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bank and Meinian is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Bank of China 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 Bank of China 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 Bank of China i.e., Bank of China and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Bank of China and Meinian Onehealth
Assuming the 90 days trading horizon Bank of China is expected to generate 0.39 times more return on investment than Meinian Onehealth. However, Bank of China is 2.59 times less risky than Meinian Onehealth. It trades about 0.43 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.06 per unit of risk. If you would invest 503.00 in Bank of China on September 29, 2024 and sell it today you would earn a total of 45.00 from holding Bank of China or generate 8.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Bank of China |
| Meinian Onehealth |
Bank of China and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Meinian Onehealth
The main advantage of trading using opposite Bank of China and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China 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.| Bank of China vs. Anhui Huaheng Biotechnology | Bank of China vs. Maccura Biotechnology Co | Bank of China vs. Masterwork Machinery | Bank of China vs. Bloomage Biotechnology Corp |
| Meinian Onehealth vs. China Longyuan Power | Meinian Onehealth vs. PetroChina Co Ltd | Meinian Onehealth vs. Bank of China | Meinian Onehealth vs. Guangxi Guiguan Electric |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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