Correlation Between Shanghai Action and Meinian Onehealth
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By analyzing existing cross correlation between Shanghai Action Education and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Shanghai Action 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 Shanghai Action with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Action and Meinian Onehealth.
Diversification Opportunities for Shanghai Action and Meinian Onehealth
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Shanghai and Meinian is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Action Education and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Shanghai Action 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 Shanghai Action Education 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 Shanghai Action i.e., Shanghai Action and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Shanghai Action and Meinian Onehealth
Assuming the 90 days trading horizon Shanghai Action Education is expected to generate 1.19 times more return on investment than Meinian Onehealth. However, Shanghai Action is 1.19 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 -0.03 per unit of risk. If you would invest 2,631 in Shanghai Action Education on October 11, 2024 and sell it today you would earn a total of 1,048 from holding Shanghai Action Education or generate 39.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Action Education vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Shanghai Action Education |
| Meinian Onehealth |
Shanghai Action and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Action and Meinian Onehealth
The main advantage of trading using opposite Shanghai Action and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Action 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.| Shanghai Action vs. Eit Environmental Development | Shanghai Action vs. Cangzhou Mingzhu Plastic | Shanghai Action vs. GreenTech Environmental Co | Shanghai Action vs. Hangzhou Gaoxin Rubber |
| Meinian Onehealth vs. Guangdong Transtek Medical | Meinian Onehealth vs. China Publishing Media | Meinian Onehealth vs. Shanghai Action Education | Meinian Onehealth vs. Touchstone International Medical |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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