Correlation Between Hangzhou Arcvideo and Meinian Onehealth
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By analyzing existing cross correlation between Hangzhou Arcvideo Technology and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Hangzhou Arcvideo 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 Hangzhou Arcvideo with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Arcvideo and Meinian Onehealth.
Diversification Opportunities for Hangzhou Arcvideo and Meinian Onehealth
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hangzhou and Meinian is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Arcvideo Technology and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Hangzhou Arcvideo 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 Hangzhou Arcvideo Technology 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 Hangzhou Arcvideo i.e., Hangzhou Arcvideo and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Hangzhou Arcvideo and Meinian Onehealth
Assuming the 90 days trading horizon Hangzhou Arcvideo Technology is expected to generate 2.18 times more return on investment than Meinian Onehealth. However, Hangzhou Arcvideo is 2.18 times more volatile than Meinian Onehealth Healthcare. It trades about 0.02 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 2,874 in Hangzhou Arcvideo Technology on October 13, 2024 and sell it today you would lose (486.00) from holding Hangzhou Arcvideo Technology or give up 16.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Arcvideo Technology vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Hangzhou Arcvideo |
| Meinian Onehealth |
Hangzhou Arcvideo and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Arcvideo and Meinian Onehealth
The main advantage of trading using opposite Hangzhou Arcvideo and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Arcvideo 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.| Hangzhou Arcvideo vs. Qingdao Foods Co | Hangzhou Arcvideo vs. Xiwang Foodstuffs Co | Hangzhou Arcvideo vs. Jiangsu Xinri E Vehicle | Hangzhou Arcvideo vs. Eastroc Beverage Group |
| Meinian Onehealth vs. Fiberhome Telecommunication Technologies | Meinian Onehealth vs. FSPG Hi Tech Co | Meinian Onehealth vs. Guocheng Mining Co | Meinian Onehealth vs. Hangzhou Arcvideo Technology |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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