Correlation Between Lens Technology and Sanbo Hospital
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By analyzing existing cross correlation between Lens Technology Co and Sanbo Hospital Management, you can compare the effects of market volatilities on Lens Technology 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 Lens Technology with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lens Technology and Sanbo Hospital.
Diversification Opportunities for Lens Technology and Sanbo Hospital
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Lens and Sanbo is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Lens Technology 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 Lens Technology 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 Lens Technology 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 Lens Technology i.e., Lens Technology and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Lens Technology and Sanbo Hospital
Assuming the 90 days trading horizon Lens Technology Co is expected to generate 0.59 times more return on investment than Sanbo Hospital. However, Lens Technology Co is 1.69 times less risky than Sanbo Hospital. It trades about 0.1 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 2,199 in Lens Technology Co on October 15, 2024 and sell it today you would earn a total of 95.00 from holding Lens Technology Co or generate 4.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lens Technology Co vs. Sanbo Hospital Management
Performance |
| Timeline |
| Lens Technology |
| Sanbo Hospital Management |
Lens Technology and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lens Technology and Sanbo Hospital
The main advantage of trading using opposite Lens Technology and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lens Technology 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.| Lens Technology vs. Healthcare Co | Lens Technology vs. Guangdong Shenglu Telecommunication | Lens Technology vs. China Reform Health | Lens Technology vs. Allwin Telecommunication Co |
| Sanbo Hospital vs. Qingdao Foods Co | Sanbo Hospital vs. Sunwave Communications Co | Sanbo Hospital vs. Yankershop Food Co | Sanbo Hospital vs. Anji Foodstuff 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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