Correlation Between Hangzhou Gaoxin and Sanbo Hospital
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By analyzing existing cross correlation between Hangzhou Gaoxin Rubber and Sanbo Hospital Management, you can compare the effects of market volatilities on Hangzhou Gaoxin 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 Hangzhou Gaoxin with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gaoxin and Sanbo Hospital.
Diversification Opportunities for Hangzhou Gaoxin and Sanbo Hospital
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hangzhou and Sanbo is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gaoxin Rubber 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 Hangzhou Gaoxin 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 Hangzhou Gaoxin Rubber 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 Hangzhou Gaoxin i.e., Hangzhou Gaoxin and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Hangzhou Gaoxin and Sanbo Hospital
Assuming the 90 days trading horizon Hangzhou Gaoxin Rubber is expected to generate 1.14 times more return on investment than Sanbo Hospital. However, Hangzhou Gaoxin is 1.14 times more volatile than Sanbo Hospital Management. It trades about 0.06 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.03 per unit of risk. If you would invest 897.00 in Hangzhou Gaoxin Rubber on August 25, 2024 and sell it today you would earn a total of 178.00 from holding Hangzhou Gaoxin Rubber or generate 19.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gaoxin Rubber vs. Sanbo Hospital Management
Performance |
| Timeline |
| Hangzhou Gaoxin Rubber |
| Sanbo Hospital Management |
Hangzhou Gaoxin and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gaoxin and Sanbo Hospital
The main advantage of trading using opposite Hangzhou Gaoxin and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gaoxin 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.| Hangzhou Gaoxin vs. Shaanxi Energy Investment | Hangzhou Gaoxin vs. Henan Shuanghui Investment | Hangzhou Gaoxin vs. Luyin Investment Group | Hangzhou Gaoxin vs. Cultural Investment Holdings |
| 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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