Correlation Between Beijing Wantai and Meinian Onehealth
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By analyzing existing cross correlation between Beijing Wantai Biological and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Beijing Wantai 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 Beijing Wantai with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Wantai and Meinian Onehealth.
Diversification Opportunities for Beijing Wantai and Meinian Onehealth
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Meinian is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Wantai Biological and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Beijing Wantai 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 Beijing Wantai Biological 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 Beijing Wantai i.e., Beijing Wantai and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Beijing Wantai and Meinian Onehealth
Assuming the 90 days trading horizon Beijing Wantai Biological is expected to generate 1.04 times more return on investment than Meinian Onehealth. However, Beijing Wantai is 1.04 times more volatile than Meinian Onehealth Healthcare. It trades about 0.04 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.12 per unit of risk. If you would invest 6,730 in Beijing Wantai Biological on November 3, 2024 and sell it today you would earn a total of 79.00 from holding Beijing Wantai Biological or generate 1.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Wantai Biological vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Beijing Wantai Biological |
| Meinian Onehealth |
Beijing Wantai and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Wantai and Meinian Onehealth
The main advantage of trading using opposite Beijing Wantai and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Wantai 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.| Beijing Wantai vs. ROPEOK Technology Group | Beijing Wantai vs. Maxvision Technology Corp | Beijing Wantai vs. Montage Technology Co | Beijing Wantai vs. Beijing Jiaman Dress |
| Meinian Onehealth vs. Jinhui Mining Co | Meinian Onehealth vs. Uroica Mining Safety | Meinian Onehealth vs. Shenyang Blue Silver | Meinian Onehealth vs. Tianjin Silvery Dragon |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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