Correlation Between Sanbo Hospital and Guangdong Jingyi
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By analyzing existing cross correlation between Sanbo Hospital Management and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Sanbo Hospital and Guangdong Jingyi 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 Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Guangdong Jingyi.
Diversification Opportunities for Sanbo Hospital and Guangdong Jingyi
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Guangdong is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal 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 Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Guangdong Jingyi
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 6.36 times less return on investment than Guangdong Jingyi. But when comparing it to its historical volatility, Sanbo Hospital Management is 1.19 times less risky than Guangdong Jingyi. It trades about 0.05 of its potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 643.00 in Guangdong Jingyi Metal on November 1, 2024 and sell it today you would earn a total of 86.00 from holding Guangdong Jingyi Metal or generate 13.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Sanbo Hospital Management vs. Guangdong Jingyi Metal
Performance |
Timeline |
Sanbo Hospital Management |
Guangdong Jingyi Metal |
Sanbo Hospital and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sanbo Hospital and Guangdong Jingyi
The main advantage of trading using opposite Sanbo Hospital and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.Sanbo Hospital vs. Xinjiang Baodi Mining | Sanbo Hospital vs. Oppein Home Group | Sanbo Hospital vs. Zhengzhou Coal Mining | Sanbo Hospital vs. UE Furniture Co |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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