Correlation Between Sanbo Hospital and Jiangxi Ganfeng
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By analyzing existing cross correlation between Sanbo Hospital Management and Jiangxi Ganfeng Lithium, you can compare the effects of market volatilities on Sanbo Hospital and Jiangxi Ganfeng 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 Jiangxi Ganfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Jiangxi Ganfeng.
Diversification Opportunities for Sanbo Hospital and Jiangxi Ganfeng
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Jiangxi is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Jiangxi Ganfeng Lithium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Ganfeng Lithium 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 Jiangxi Ganfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Ganfeng Lithium has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Jiangxi Ganfeng go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Jiangxi Ganfeng
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Jiangxi Ganfeng. In addition to that, Sanbo Hospital is 1.29 times more volatile than Jiangxi Ganfeng Lithium. It trades about -0.22 of its total potential returns per unit of risk. Jiangxi Ganfeng Lithium is currently generating about -0.09 per unit of volatility. If you would invest 3,710 in Jiangxi Ganfeng Lithium on October 21, 2024 and sell it today you would lose (156.00) from holding Jiangxi Ganfeng Lithium or give up 4.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Jiangxi Ganfeng Lithium
Performance |
| Timeline |
| Sanbo Hospital Management |
| Jiangxi Ganfeng Lithium |
Sanbo Hospital and Jiangxi Ganfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Jiangxi Ganfeng
The main advantage of trading using opposite Sanbo Hospital and Jiangxi Ganfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Jiangxi Ganfeng 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 Jiangxi Ganfeng will offset losses from the drop in Jiangxi Ganfeng's long position.| Sanbo Hospital vs. Industrial and Commercial | Sanbo Hospital vs. Agricultural Bank of | Sanbo Hospital vs. China Construction Bank | Sanbo Hospital vs. Bank of China |
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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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