Correlation Between Sanbo Hospital and Ningbo Ligong
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By analyzing existing cross correlation between Sanbo Hospital Management and Ningbo Ligong Online, you can compare the effects of market volatilities on Sanbo Hospital and Ningbo Ligong 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 Ningbo Ligong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Ningbo Ligong.
Diversification Opportunities for Sanbo Hospital and Ningbo Ligong
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sanbo and Ningbo is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Ningbo Ligong Online in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Ligong Online 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 Ningbo Ligong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Ligong Online has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Ningbo Ligong go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Ningbo Ligong
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Ningbo Ligong. In addition to that, Sanbo Hospital is 1.97 times more volatile than Ningbo Ligong Online. It trades about -0.16 of its total potential returns per unit of risk. Ningbo Ligong Online is currently generating about -0.11 per unit of volatility. If you would invest 1,426 in Ningbo Ligong Online on September 13, 2024 and sell it today you would lose (63.00) from holding Ningbo Ligong Online or give up 4.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Ningbo Ligong Online
Performance |
| Timeline |
| Sanbo Hospital Management |
| Ningbo Ligong Online |
Sanbo Hospital and Ningbo Ligong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Ningbo Ligong
The main advantage of trading using opposite Sanbo Hospital and Ningbo Ligong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Ningbo Ligong 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 Ningbo Ligong will offset losses from the drop in Ningbo Ligong's long position.| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
| Ningbo Ligong vs. China Petroleum Chemical | Ningbo Ligong vs. PetroChina Co Ltd | Ningbo Ligong vs. China State Construction | Ningbo Ligong vs. China Railway Group |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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