Correlation Between Easyhome New and Sanbo Hospital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Easyhome New Retail and Sanbo Hospital Management, you can compare the effects of market volatilities on Easyhome New and Sanbo Hospital 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 Easyhome New with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Sanbo Hospital.
Diversification Opportunities for Easyhome New and Sanbo Hospital
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Easyhome and Sanbo is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Sanbo Hospital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sanbo Hospital Management and Easyhome New 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 Easyhome New Retail are associated (or correlated) with Sanbo Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sanbo Hospital Management has no effect on the direction of Easyhome New i.e., Easyhome New and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Easyhome New and Sanbo Hospital
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 1.51 times more return on investment than Sanbo Hospital. However, Easyhome New is 1.51 times more volatile than Sanbo Hospital Management. It trades about 0.05 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about -0.12 per unit of risk. If you would invest 392.00 in Easyhome New Retail on October 12, 2024 and sell it today you would earn a total of 11.00 from holding Easyhome New Retail or generate 2.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Sanbo Hospital Management
Performance |
| Timeline |
| Easyhome New Retail |
| Sanbo Hospital Management |
Easyhome New and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Sanbo Hospital
The main advantage of trading using opposite Easyhome New and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Sanbo Hospital 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 Sanbo Hospital will offset losses from the drop in Sanbo Hospital's long position.| Easyhome New vs. Maoming Petro Chemical Shihua | Easyhome New vs. Zhejiang JIULI Hi tech | Easyhome New vs. Kuang Chi Technologies | Easyhome New vs. Miracll Chemicals Co |
| Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Northern United Publishing | Sanbo Hospital vs. GRIPM Advanced Materials | Sanbo Hospital vs. Duzhe Publishing Media |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |