Correlation Between Xinxiang Chemical and Meinian Onehealth
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By analyzing existing cross correlation between Xinxiang Chemical Fiber and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Xinxiang Chemical 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 Xinxiang Chemical with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinxiang Chemical and Meinian Onehealth.
Diversification Opportunities for Xinxiang Chemical and Meinian Onehealth
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xinxiang and Meinian is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Xinxiang Chemical Fiber and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Xinxiang Chemical 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 Xinxiang Chemical Fiber 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 Xinxiang Chemical i.e., Xinxiang Chemical and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Xinxiang Chemical and Meinian Onehealth
Assuming the 90 days trading horizon Xinxiang Chemical Fiber is expected to under-perform the Meinian Onehealth. In addition to that, Xinxiang Chemical is 1.84 times more volatile than Meinian Onehealth Healthcare. It trades about 0.0 of its total potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.07 per unit of volatility. If you would invest 485.00 in Meinian Onehealth Healthcare on September 24, 2024 and sell it today you would earn a total of 13.00 from holding Meinian Onehealth Healthcare or generate 2.68% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 95.45% |
Values | Daily Returns |
Xinxiang Chemical Fiber vs. Meinian Onehealth Healthcare
Performance |
Timeline |
Xinxiang Chemical Fiber |
Meinian Onehealth |
Xinxiang Chemical and Meinian Onehealth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinxiang Chemical and Meinian Onehealth
The main advantage of trading using opposite Xinxiang Chemical and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinxiang Chemical 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.Xinxiang Chemical vs. Changjiang Jinggong Steel | Xinxiang Chemical vs. Inspur Software Co | Xinxiang Chemical vs. Penyao Environmental Protection | Xinxiang Chemical vs. Guangdong Liantai Environmental |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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