Correlation Between Beijing Roborock and Meinian Onehealth
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By analyzing existing cross correlation between Beijing Roborock Technology and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Beijing Roborock 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 Roborock with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Meinian Onehealth.
Diversification Opportunities for Beijing Roborock and Meinian Onehealth
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Meinian is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock 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 Beijing Roborock 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 Roborock 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 Beijing Roborock i.e., Beijing Roborock and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Beijing Roborock and Meinian Onehealth
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Meinian Onehealth. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Roborock Technology is 1.0 times less risky than Meinian Onehealth. The stock trades about -0.06 of its potential returns per unit of risk. The Meinian Onehealth Healthcare is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 471.00 in Meinian Onehealth Healthcare on September 5, 2024 and sell it today you would earn a total of 15.00 from holding Meinian Onehealth Healthcare or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Meinian Onehealth Healthcare
Performance |
| Timeline |
| Beijing Roborock Tec |
| Meinian Onehealth |
Beijing Roborock and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Meinian Onehealth
The main advantage of trading using opposite Beijing Roborock and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock 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 Roborock vs. Soyea Technology Co | Beijing Roborock vs. Henan Shuanghui Investment | Beijing Roborock vs. Tianshui Huatian Technology | Beijing Roborock vs. Zoje Resources Investment |
| Meinian Onehealth vs. BeiGene | Meinian Onehealth vs. Kweichow Moutai Co | Meinian Onehealth vs. Beijing Roborock Technology | Meinian Onehealth vs. G bits Network 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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