Correlation Between Shandong Publishing and Meinian Onehealth
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By analyzing existing cross correlation between Shandong Publishing Media and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Shandong Publishing 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 Shandong Publishing with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Publishing and Meinian Onehealth.
Diversification Opportunities for Shandong Publishing and Meinian Onehealth
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shandong and Meinian is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Publishing Media and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Shandong Publishing 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 Shandong Publishing Media 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 Shandong Publishing i.e., Shandong Publishing and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Shandong Publishing and Meinian Onehealth
Assuming the 90 days trading horizon Shandong Publishing Media is expected to under-perform the Meinian Onehealth. But the stock apears to be less risky and, when comparing its historical volatility, Shandong Publishing Media is 1.12 times less risky than Meinian Onehealth. The stock trades about -0.05 of its potential returns per unit of risk. The Meinian Onehealth Healthcare is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 453.00 in Meinian Onehealth Healthcare on October 8, 2024 and sell it today you would lose (14.00) from holding Meinian Onehealth Healthcare or give up 3.09% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shandong Publishing Media vs. Meinian Onehealth Healthcare
Performance |
Timeline |
Shandong Publishing Media |
Meinian Onehealth |
Shandong Publishing and Meinian Onehealth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shandong Publishing and Meinian Onehealth
The main advantage of trading using opposite Shandong Publishing and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Publishing 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.Shandong Publishing vs. BeiGene | Shandong Publishing vs. Kweichow Moutai Co | Shandong Publishing vs. Beijing Roborock Technology | Shandong Publishing vs. G bits Network Technology |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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