Correlation Between Industrial Bank and Meinian Onehealth
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By analyzing existing cross correlation between Industrial Bank Co and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Industrial Bank 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 Industrial Bank with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial Bank and Meinian Onehealth.
Diversification Opportunities for Industrial Bank and Meinian Onehealth
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Industrial and Meinian is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Industrial Bank Co and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Industrial Bank 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 Industrial Bank Co 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 Industrial Bank i.e., Industrial Bank and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Industrial Bank and Meinian Onehealth
Assuming the 90 days trading horizon Industrial Bank is expected to generate 2.51 times less return on investment than Meinian Onehealth. But when comparing it to its historical volatility, Industrial Bank Co is 1.53 times less risky than Meinian Onehealth. It trades about 0.04 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 393.00 in Meinian Onehealth Healthcare on September 25, 2024 and sell it today you would earn a total of 84.00 from holding Meinian Onehealth Healthcare or generate 21.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Industrial Bank Co vs. Meinian Onehealth Healthcare
Performance |
Timeline |
Industrial Bank |
Meinian Onehealth |
Industrial Bank and Meinian Onehealth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Industrial Bank and Meinian Onehealth
The main advantage of trading using opposite Industrial Bank and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial Bank 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.Industrial Bank vs. Meinian Onehealth Healthcare | Industrial Bank vs. Grandblue Environment Co | Industrial Bank vs. Dezhan HealthCare Co | Industrial Bank vs. Baoshan Iron Steel |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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