Correlation Between Runjian Communication and Sanbo Hospital
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By analyzing existing cross correlation between Runjian Communication Co and Sanbo Hospital Management, you can compare the effects of market volatilities on Runjian Communication 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 Runjian Communication with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Runjian Communication and Sanbo Hospital.
Diversification Opportunities for Runjian Communication and Sanbo Hospital
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Runjian and Sanbo is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Runjian Communication Co 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 Runjian Communication 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 Runjian Communication Co 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 Runjian Communication i.e., Runjian Communication and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Runjian Communication and Sanbo Hospital
Assuming the 90 days trading horizon Runjian Communication is expected to generate 1.2 times less return on investment than Sanbo Hospital. But when comparing it to its historical volatility, Runjian Communication Co is 1.24 times less risky than Sanbo Hospital. It trades about 0.07 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 3,590 in Sanbo Hospital Management on November 3, 2024 and sell it today you would earn a total of 810.00 from holding Sanbo Hospital Management or generate 22.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Runjian Communication Co vs. Sanbo Hospital Management
Performance |
| Timeline |
| Runjian Communication |
| Sanbo Hospital Management |
Runjian Communication and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Runjian Communication and Sanbo Hospital
The main advantage of trading using opposite Runjian Communication and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Runjian Communication 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.| Runjian Communication vs. PetroChina Co Ltd | Runjian Communication vs. Industrial and Commercial | Runjian Communication vs. China Petroleum Chemical | Runjian Communication vs. China Construction Bank |
| Sanbo Hospital vs. Qilu Bank Co | Sanbo Hospital vs. Agricultural Bank of | Sanbo Hospital vs. Ningbo Tech Bank Co | Sanbo Hospital vs. JuneYao Dairy 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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