Correlation Between Super Dragon and Sanbo Hospital
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By analyzing existing cross correlation between Super Dragon Engineering Plastics and Sanbo Hospital Management, you can compare the effects of market volatilities on Super Dragon 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 Super Dragon with a short position of Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Super Dragon and Sanbo Hospital.
Diversification Opportunities for Super Dragon and Sanbo Hospital
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Super and Sanbo is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Super Dragon Engineering Plast 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 Super Dragon 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 Super Dragon Engineering Plastics 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 Super Dragon i.e., Super Dragon and Sanbo Hospital go up and down completely randomly.
Pair Corralation between Super Dragon and Sanbo Hospital
Assuming the 90 days trading horizon Super Dragon Engineering Plastics is expected to under-perform the Sanbo Hospital. But the stock apears to be less risky and, when comparing its historical volatility, Super Dragon Engineering Plastics is 1.22 times less risky than Sanbo Hospital. The stock trades about 0.0 of its potential returns per unit of risk. The Sanbo Hospital Management is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 4,417 in Sanbo Hospital Management on October 26, 2024 and sell it today you would earn a total of 23.00 from holding Sanbo Hospital Management or generate 0.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Super Dragon Engineering Plast vs. Sanbo Hospital Management
Performance |
| Timeline |
| Super Dragon Enginee |
| Sanbo Hospital Management |
Super Dragon and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Super Dragon and Sanbo Hospital
The main advantage of trading using opposite Super Dragon and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Super Dragon 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.| Super Dragon vs. Industrial and Commercial | Super Dragon vs. China Construction Bank | Super Dragon vs. Bank of China | Super Dragon vs. Agricultural Bank of |
| Sanbo Hospital vs. Jinhe Biotechnology Co | Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Fuda Alloy Materials | Sanbo Hospital vs. Super Dragon Engineering Plastics |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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