Correlation Between Shanghai CEO and Mingchen Health
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By analyzing existing cross correlation between Shanghai CEO Environmental and Mingchen Health Co, you can compare the effects of market volatilities on Shanghai CEO and Mingchen Health 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 CEO with a short position of Mingchen Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai CEO and Mingchen Health.
Diversification Opportunities for Shanghai CEO and Mingchen Health
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shanghai and Mingchen is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai CEO Environmental and Mingchen Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mingchen Health and Shanghai CEO 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 CEO Environmental are associated (or correlated) with Mingchen Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mingchen Health has no effect on the direction of Shanghai CEO i.e., Shanghai CEO and Mingchen Health go up and down completely randomly.
Pair Corralation between Shanghai CEO and Mingchen Health
Assuming the 90 days trading horizon Shanghai CEO Environmental is expected to generate 0.72 times more return on investment than Mingchen Health. However, Shanghai CEO Environmental is 1.39 times less risky than Mingchen Health. It trades about 0.25 of its potential returns per unit of risk. Mingchen Health Co is currently generating about -0.17 per unit of risk. If you would invest 913.00 in Shanghai CEO Environmental on January 3, 2025 and sell it today you would earn a total of 93.00 from holding Shanghai CEO Environmental or generate 10.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai CEO Environmental vs. Mingchen Health Co
Performance |
| Timeline |
| Shanghai CEO Environ |
| Mingchen Health |
Shanghai CEO and Mingchen Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai CEO and Mingchen Health
The main advantage of trading using opposite Shanghai CEO and Mingchen Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai CEO position performs unexpectedly, Mingchen Health 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 Mingchen Health will offset losses from the drop in Mingchen Health's long position.| Shanghai CEO vs. Wasu Media Holding | Shanghai CEO vs. Shuhua Sports Co | Shanghai CEO vs. Oriental Times Media | Shanghai CEO vs. Zhengzhou Coal Mining |
| Mingchen Health vs. Beijing Mainstreets Investment | Mingchen Health vs. Quectel Wireless Solutions | Mingchen Health vs. Vanfund Urban Investment | Mingchen Health vs. Jointo Energy Investment |
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 Managers module to screen money managers from public funds and ETFs managed around the world.
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