Correlation Between Beijing Kaiwen and Sanbo Hospital
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By analyzing existing cross correlation between Beijing Kaiwen Education and Sanbo Hospital Management, you can compare the effects of market volatilities on Beijing Kaiwen 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 Beijing Kaiwen with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and Sanbo Hospital.
Diversification Opportunities for Beijing Kaiwen and Sanbo Hospital
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beijing and Sanbo is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education 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 Beijing Kaiwen 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 Beijing Kaiwen Education 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 Beijing Kaiwen i.e., Beijing Kaiwen and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and Sanbo Hospital
Assuming the 90 days trading horizon Beijing Kaiwen Education is expected to under-perform the Sanbo Hospital. In addition to that, Beijing Kaiwen is 1.08 times more volatile than Sanbo Hospital Management. It trades about -0.07 of its total potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.09 per unit of volatility. If you would invest 4,417 in Sanbo Hospital Management on August 28, 2024 and sell it today you would earn a total of 278.00 from holding Sanbo Hospital Management or generate 6.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. Sanbo Hospital Management
Performance |
| Timeline |
| Beijing Kaiwen Education |
| Sanbo Hospital Management |
Beijing Kaiwen and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and Sanbo Hospital
The main advantage of trading using opposite Beijing Kaiwen and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen 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.| Beijing Kaiwen vs. Fujian Oriental Silver | Beijing Kaiwen vs. Fuzhou Rockchip Electronics | Beijing Kaiwen vs. Leyard Optoelectronic | Beijing Kaiwen vs. Puyang Huicheng Electronic |
| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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