Correlation Between Aier Eye and Sanbo Hospital
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By analyzing existing cross correlation between Aier Eye Hospital and Sanbo Hospital Management, you can compare the effects of market volatilities on Aier Eye 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 Aier Eye with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aier Eye and Sanbo Hospital.
Diversification Opportunities for Aier Eye and Sanbo Hospital
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Aier and Sanbo is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Aier Eye Hospital 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 Aier Eye 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 Aier Eye Hospital 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 Aier Eye i.e., Aier Eye and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Aier Eye and Sanbo Hospital
Assuming the 90 days trading horizon Aier Eye Hospital is expected to under-perform the Sanbo Hospital. But the stock apears to be less risky and, when comparing its historical volatility, Aier Eye Hospital is 1.61 times less risky than Sanbo Hospital. The stock trades about -0.04 of its potential returns per unit of risk. The Sanbo Hospital Management is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,960 in Sanbo Hospital Management on November 2, 2024 and sell it today you would earn a total of 1,440 from holding Sanbo Hospital Management or generate 48.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 88.94% |
| Values | Daily Returns |
Aier Eye Hospital vs. Sanbo Hospital Management
Performance |
| Timeline |
| Aier Eye Hospital |
| Sanbo Hospital Management |
Aier Eye and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aier Eye and Sanbo Hospital
The main advantage of trading using opposite Aier Eye and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aier Eye 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.| Aier Eye vs. Nantong JiangTian Chemical | Aier Eye vs. Bsm Chemical Co | Aier Eye vs. Zhejiang Huatong Meat | Aier Eye vs. Ligao Foods CoLtd |
| 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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