Correlation Between Zhongtong Guomai and Meinian Onehealth
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By analyzing existing cross correlation between Zhongtong Guomai Communication and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Zhongtong Guomai 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 Zhongtong Guomai with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhongtong Guomai and Meinian Onehealth.
Diversification Opportunities for Zhongtong Guomai and Meinian Onehealth
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhongtong and Meinian is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Zhongtong Guomai Communication and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Zhongtong Guomai 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 Zhongtong Guomai Communication 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 Zhongtong Guomai i.e., Zhongtong Guomai and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Zhongtong Guomai and Meinian Onehealth
Assuming the 90 days trading horizon Zhongtong Guomai Communication is expected to generate 3.63 times more return on investment than Meinian Onehealth. However, Zhongtong Guomai is 3.63 times more volatile than Meinian Onehealth Healthcare. It trades about -0.08 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.36 per unit of risk. If you would invest 1,130 in Zhongtong Guomai Communication on October 9, 2024 and sell it today you would lose (179.00) from holding Zhongtong Guomai Communication or give up 15.84% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Zhongtong Guomai Communication vs. Meinian Onehealth Healthcare
Performance |
Timeline |
Zhongtong Guomai Com |
Meinian Onehealth |
Zhongtong Guomai and Meinian Onehealth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zhongtong Guomai and Meinian Onehealth
The main advantage of trading using opposite Zhongtong Guomai and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhongtong Guomai 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.Zhongtong Guomai vs. Shanghai Jinfeng Wine | Zhongtong Guomai vs. China Minmetals Rare | Zhongtong Guomai vs. Zhengzhou Coal Mining | Zhongtong Guomai vs. Shanghai Yanpu Metal |
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