Correlation Between Maoming Petro and Meinian Onehealth
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By analyzing existing cross correlation between Maoming Petro Chemical Shihua and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on Maoming Petro 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 Maoming Petro with a short position of Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maoming Petro and Meinian Onehealth.
Diversification Opportunities for Maoming Petro and Meinian Onehealth
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maoming and Meinian is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Maoming Petro Chemical Shihua and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth and Maoming Petro 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 Maoming Petro Chemical Shihua 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 Maoming Petro i.e., Maoming Petro and Meinian Onehealth go up and down completely randomly.
Pair Corralation between Maoming Petro and Meinian Onehealth
Assuming the 90 days trading horizon Maoming Petro is expected to generate 1.42 times less return on investment than Meinian Onehealth. But when comparing it to its historical volatility, Maoming Petro Chemical Shihua is 1.19 times less risky than Meinian Onehealth. It trades about 0.22 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 327.00 in Meinian Onehealth Healthcare on September 16, 2024 and sell it today you would earn a total of 200.00 from holding Meinian Onehealth Healthcare or generate 61.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Maoming Petro Chemical Shihua vs. Meinian Onehealth Healthcare
Performance |
Timeline |
Maoming Petro Chemical |
Meinian Onehealth |
Maoming Petro and Meinian Onehealth Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Maoming Petro and Meinian Onehealth
The main advantage of trading using opposite Maoming Petro and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maoming Petro 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.Maoming Petro vs. Jilin Chemical Fibre | Maoming Petro vs. Metallurgical of | Maoming Petro vs. Beijing HuaYuanYiTong Thermal | Maoming Petro vs. Xinxiang Chemical Fiber |
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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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