Correlation Between Sanbo Hospital and XinJiang GuoTong
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By analyzing existing cross correlation between Sanbo Hospital Management and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Sanbo Hospital and XinJiang GuoTong 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 XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and XinJiang GuoTong.
Diversification Opportunities for Sanbo Hospital and XinJiang GuoTong
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and XinJiang is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline 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 XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Sanbo Hospital and XinJiang GuoTong
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.53 times more return on investment than XinJiang GuoTong. However, Sanbo Hospital is 1.53 times more volatile than XinJiang GuoTong Pipeline. It trades about 0.05 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about 0.0 per unit of risk. If you would invest 2,960 in Sanbo Hospital Management on September 2, 2024 and sell it today you would earn a total of 1,760 from holding Sanbo Hospital Management or generate 59.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 80.75% |
| Values | Daily Returns |
Sanbo Hospital Management vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Sanbo Hospital Management |
| XinJiang GuoTong Pipeline |
Sanbo Hospital and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and XinJiang GuoTong
The main advantage of trading using opposite Sanbo Hospital and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Sanbo Hospital vs. Shanghai Rongtai Health | Sanbo Hospital vs. Tsingtao Brewery Co | Sanbo Hospital vs. Dezhan HealthCare Co | Sanbo Hospital vs. Meinian Onehealth Healthcare |
| XinJiang GuoTong vs. Suzhou Mingzhi Technology | XinJiang GuoTong vs. Jiangxi Hengda Hi Tech | XinJiang GuoTong vs. Glodon Software Co | XinJiang GuoTong vs. Linewell Software 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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