Correlation Between Sanbo Hospital and Anhui Huilong
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By analyzing existing cross correlation between Sanbo Hospital Management and Anhui Huilong Agricultural, you can compare the effects of market volatilities on Sanbo Hospital and Anhui Huilong 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 Anhui Huilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Anhui Huilong.
Diversification Opportunities for Sanbo Hospital and Anhui Huilong
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Anhui is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Anhui Huilong Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huilong Agricu 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 Anhui Huilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huilong Agricu has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Anhui Huilong go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Anhui Huilong
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 2.21 times more return on investment than Anhui Huilong. However, Sanbo Hospital is 2.21 times more volatile than Anhui Huilong Agricultural. It trades about -0.16 of its potential returns per unit of risk. Anhui Huilong Agricultural is currently generating about -0.44 per unit of risk. If you would invest 4,938 in Sanbo Hospital Management on October 16, 2024 and sell it today you would lose (710.00) from holding Sanbo Hospital Management or give up 14.38% 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. Anhui Huilong Agricultural
Performance |
| Timeline |
| Sanbo Hospital Management |
| Anhui Huilong Agricu |
Sanbo Hospital and Anhui Huilong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Anhui Huilong
The main advantage of trading using opposite Sanbo Hospital and Anhui Huilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Anhui Huilong 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 Anhui Huilong will offset losses from the drop in Anhui Huilong's long position.| Sanbo Hospital vs. Ningbo Jintian Copper | Sanbo Hospital vs. Xinjiang Baodi Mining | Sanbo Hospital vs. Nanjing OLO Home | Sanbo Hospital vs. Hangzhou Arcvideo Technology |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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