Correlation Between Sanbo Hospital and Guangdong Qunxing
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By analyzing existing cross correlation between Sanbo Hospital Management and Guangdong Qunxing Toys, you can compare the effects of market volatilities on Sanbo Hospital and Guangdong Qunxing 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 Qunxing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Guangdong Qunxing.
Diversification Opportunities for Sanbo Hospital and Guangdong Qunxing
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sanbo and Guangdong is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Guangdong Qunxing Toys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Qunxing Toys 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 Qunxing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Qunxing Toys has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Guangdong Qunxing go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Guangdong Qunxing
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 1.8 times less return on investment than Guangdong Qunxing. But when comparing it to its historical volatility, Sanbo Hospital Management is 1.67 times less risky than Guangdong Qunxing. It trades about 0.36 of its potential returns per unit of risk. Guangdong Qunxing Toys is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest 669.00 in Guangdong Qunxing Toys on November 18, 2024 and sell it today you would earn a total of 172.00 from holding Guangdong Qunxing Toys or generate 25.71% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Sanbo Hospital Management vs. Guangdong Qunxing Toys
Performance |
Timeline |
Sanbo Hospital Management |
Guangdong Qunxing Toys |
Sanbo Hospital and Guangdong Qunxing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sanbo Hospital and Guangdong Qunxing
The main advantage of trading using opposite Sanbo Hospital and Guangdong Qunxing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Guangdong Qunxing 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 Qunxing will offset losses from the drop in Guangdong Qunxing's long position.Sanbo Hospital vs. Tibet Huayu Mining | ||
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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