Correlation Between Impulse Qingdao and Sanbo Hospital
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By analyzing existing cross correlation between Impulse Qingdao Health and Sanbo Hospital Management, you can compare the effects of market volatilities on Impulse Qingdao 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 Impulse Qingdao with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and Sanbo Hospital.
Diversification Opportunities for Impulse Qingdao and Sanbo Hospital
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Impulse and Sanbo is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health 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 Impulse Qingdao 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 Impulse Qingdao Health 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 Impulse Qingdao i.e., Impulse Qingdao and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Impulse Qingdao and Sanbo Hospital
Assuming the 90 days trading horizon Impulse Qingdao Health is expected to generate 1.1 times more return on investment than Sanbo Hospital. However, Impulse Qingdao is 1.1 times more volatile than Sanbo Hospital Management. It trades about 0.22 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 1,719 in Impulse Qingdao Health on September 1, 2024 and sell it today you would earn a total of 360.00 from holding Impulse Qingdao Health or generate 20.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Impulse Qingdao Health vs. Sanbo Hospital Management
Performance |
| Timeline |
| Impulse Qingdao Health |
| Sanbo Hospital Management |
Impulse Qingdao and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impulse Qingdao and Sanbo Hospital
The main advantage of trading using opposite Impulse Qingdao and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao 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.| Impulse Qingdao vs. Nanjing Putian Telecommunications | Impulse Qingdao vs. Shenzhen Hifuture Electric | Impulse Qingdao vs. Tianjin Realty Development | Impulse Qingdao vs. Shenyang Huitian Thermal |
| 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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