Correlation Between Sanbo Hospital and Blue Sail
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By analyzing existing cross correlation between Sanbo Hospital Management and Blue Sail Medical, you can compare the effects of market volatilities on Sanbo Hospital and Blue Sail 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 Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Blue Sail.
Diversification Opportunities for Sanbo Hospital and Blue Sail
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Blue is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical 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 Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Blue Sail go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Blue Sail
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Blue Sail. In addition to that, Sanbo Hospital is 1.84 times more volatile than Blue Sail Medical. It trades about -0.18 of its total potential returns per unit of risk. Blue Sail Medical is currently generating about 0.09 per unit of volatility. If you would invest 562.00 in Blue Sail Medical on September 12, 2024 and sell it today you would earn a total of 21.00 from holding Blue Sail Medical or generate 3.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Blue Sail Medical
Performance |
| Timeline |
| Sanbo Hospital Management |
| Blue Sail Medical |
Sanbo Hospital and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Blue Sail
The main advantage of trading using opposite Sanbo Hospital and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Sanbo Hospital vs. Cultural Investment Holdings | Sanbo Hospital vs. Gome Telecom Equipment | Sanbo Hospital vs. Holitech Technology Co | Sanbo Hospital vs. Zotye Automobile Co |
| Blue Sail vs. Cultural Investment Holdings | Blue Sail vs. Gome Telecom Equipment | Blue Sail vs. Holitech Technology Co | Blue Sail vs. Zotye Automobile 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 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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