Correlation Between YGSOFT and Sanbo Hospital
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By analyzing existing cross correlation between YGSOFT Inc and Sanbo Hospital Management, you can compare the effects of market volatilities on YGSOFT 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 YGSOFT with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of YGSOFT and Sanbo Hospital.
Diversification Opportunities for YGSOFT and Sanbo Hospital
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between YGSOFT and Sanbo is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding YGSOFT Inc 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 YGSOFT 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 YGSOFT Inc 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 YGSOFT i.e., YGSOFT and Sanbo Hospital go up and down completely randomly.
Pair Corralation between YGSOFT and Sanbo Hospital
Assuming the 90 days trading horizon YGSOFT is expected to generate 1.54 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, YGSOFT Inc is 1.33 times less risky than Sanbo Hospital. It trades about 0.04 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,059 in Sanbo Hospital Management on August 30, 2024 and sell it today you would earn a total of 581.00 from holding Sanbo Hospital Management or generate 14.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
YGSOFT Inc vs. Sanbo Hospital Management
Performance |
| Timeline |
| YGSOFT Inc |
| Sanbo Hospital Management |
YGSOFT and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YGSOFT and Sanbo Hospital
The main advantage of trading using opposite YGSOFT and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YGSOFT 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.| YGSOFT vs. Kweichow Moutai Co | YGSOFT vs. Contemporary Amperex Technology | YGSOFT vs. G bits Network Technology | YGSOFT vs. BYD Co Ltd |
| Sanbo Hospital vs. PKU HealthCare Corp | Sanbo Hospital vs. Andon Health Co | Sanbo Hospital vs. Emdoor Information Co | Sanbo Hospital vs. Everjoy Health Group |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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