Correlation Between Shenzhen MYS and Sanbo Hospital
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Sanbo Hospital Management, you can compare the effects of market volatilities on Shenzhen MYS 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 Shenzhen MYS with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Sanbo Hospital.
Diversification Opportunities for Shenzhen MYS and Sanbo Hospital
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenzhen and Sanbo is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental 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 Shenzhen MYS 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 Shenzhen MYS Environmental 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 Shenzhen MYS i.e., Shenzhen MYS and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Sanbo Hospital
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to generate 1.02 times more return on investment than Sanbo Hospital. However, Shenzhen MYS is 1.02 times more volatile than Sanbo Hospital Management. It trades about 0.2 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.08 per unit of risk. If you would invest 317.00 in Shenzhen MYS Environmental on September 1, 2024 and sell it today you would earn a total of 58.00 from holding Shenzhen MYS Environmental or generate 18.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Sanbo Hospital Management
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Sanbo Hospital Management |
Shenzhen MYS and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Sanbo Hospital
The main advantage of trading using opposite Shenzhen MYS and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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.| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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