Correlation Between Sanbo Hospital and CGN Nuclear
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By analyzing existing cross correlation between Sanbo Hospital Management and CGN Nuclear Technology, you can compare the effects of market volatilities on Sanbo Hospital and CGN Nuclear 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 Sanbo Hospital with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and CGN Nuclear.
Diversification Opportunities for Sanbo Hospital and CGN Nuclear
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sanbo and CGN is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Sanbo Hospital 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 Sanbo Hospital Management are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and CGN Nuclear go up and down completely randomly.
Pair Corralation between Sanbo Hospital and CGN Nuclear
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.91 times more return on investment than CGN Nuclear. However, Sanbo Hospital is 1.91 times more volatile than CGN Nuclear Technology. It trades about -0.03 of its potential returns per unit of risk. CGN Nuclear Technology is currently generating about -0.19 per unit of risk. If you would invest 4,720 in Sanbo Hospital Management on October 30, 2024 and sell it today you would lose (320.00) from holding Sanbo Hospital Management or give up 6.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. CGN Nuclear Technology
Performance |
| Timeline |
| Sanbo Hospital Management |
| CGN Nuclear Technology |
Sanbo Hospital and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and CGN Nuclear
The main advantage of trading using opposite Sanbo Hospital and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of Communications |
| CGN Nuclear vs. Sinocelltech Group | CGN Nuclear vs. Ningbo Kangqiang Electronics | CGN Nuclear vs. Citic Offshore Helicopter | CGN Nuclear vs. LianChuang Electronic 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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