Correlation Between Meinian Onehealth and Industrial Bank
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By analyzing existing cross correlation between Meinian Onehealth Healthcare and Industrial Bank Co, you can compare the effects of market volatilities on Meinian Onehealth and Industrial Bank 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 Meinian Onehealth with a short position of Industrial Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Meinian Onehealth and Industrial Bank.
Diversification Opportunities for Meinian Onehealth and Industrial Bank
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Meinian and Industrial is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Meinian Onehealth Healthcare and Industrial Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial Bank and Meinian Onehealth 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 Meinian Onehealth Healthcare are associated (or correlated) with Industrial Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial Bank has no effect on the direction of Meinian Onehealth i.e., Meinian Onehealth and Industrial Bank go up and down completely randomly.
Pair Corralation between Meinian Onehealth and Industrial Bank
Assuming the 90 days trading horizon Meinian Onehealth Healthcare is expected to under-perform the Industrial Bank. In addition to that, Meinian Onehealth is 2.29 times more volatile than Industrial Bank Co. It trades about -0.02 of its total potential returns per unit of risk. Industrial Bank Co is currently generating about 0.26 per unit of volatility. If you would invest 1,776 in Industrial Bank Co on September 25, 2024 and sell it today you would earn a total of 106.00 from holding Industrial Bank Co or generate 5.97% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Meinian Onehealth Healthcare vs. Industrial Bank Co
Performance |
Timeline |
Meinian Onehealth |
Industrial Bank |
Meinian Onehealth and Industrial Bank Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Meinian Onehealth and Industrial Bank
The main advantage of trading using opposite Meinian Onehealth and Industrial Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Meinian Onehealth position performs unexpectedly, Industrial Bank 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 Industrial Bank will offset losses from the drop in Industrial Bank's long position.Meinian Onehealth vs. Guizhou BroadcastingTV Info | Meinian Onehealth vs. Shanghai Broadband Technology | Meinian Onehealth vs. Chengdu Xinzhu RoadBridge | Meinian Onehealth vs. Dymatic Chemicals |
Industrial Bank vs. Meinian Onehealth Healthcare | Industrial Bank vs. Grandblue Environment Co | Industrial Bank vs. Dezhan HealthCare Co | Industrial Bank vs. Baoshan Iron Steel |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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