Correlation Between Blue Sail and Sanbo Hospital
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By analyzing existing cross correlation between Blue Sail Medical and Sanbo Hospital Management, you can compare the effects of market volatilities on Blue Sail 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 Blue Sail with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Sail and Sanbo Hospital.
Diversification Opportunities for Blue Sail and Sanbo Hospital
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Blue and Sanbo is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Blue Sail Medical 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 Blue Sail 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 Blue Sail Medical 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 Blue Sail i.e., Blue Sail and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Blue Sail and Sanbo Hospital
Assuming the 90 days trading horizon Blue Sail Medical is expected to generate 0.54 times more return on investment than Sanbo Hospital. However, Blue Sail Medical is 1.84 times less risky than Sanbo Hospital. It trades about 0.09 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about -0.18 per unit of risk. If you would invest 562.00 in Blue Sail Medical on September 12, 2024 and sell it today you would earn a total of 21.00 from holding Blue Sail Medical or generate 3.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blue Sail Medical vs. Sanbo Hospital Management
Performance |
| Timeline |
| Blue Sail Medical |
| Sanbo Hospital Management |
Blue Sail and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Sail and Sanbo Hospital
The main advantage of trading using opposite Blue Sail and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Sail 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.| Blue Sail vs. Cultural Investment Holdings | Blue Sail vs. Gome Telecom Equipment | Blue Sail vs. Holitech Technology Co | Blue Sail vs. Zotye Automobile Co |
| Sanbo Hospital vs. Cultural Investment Holdings | Sanbo Hospital vs. Gome Telecom Equipment | Sanbo Hospital vs. Holitech Technology Co | Sanbo Hospital vs. Zotye Automobile Co |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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