Correlation Between Sanbo Hospital and Haoxiangni Jujube
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By analyzing existing cross correlation between Sanbo Hospital Management and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Sanbo Hospital and Haoxiangni Jujube 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 Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Haoxiangni Jujube.
Diversification Opportunities for Sanbo Hospital and Haoxiangni Jujube
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sanbo and Haoxiangni is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube 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 Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Haoxiangni Jujube
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Sanbo Hospital Management is 1.97 times less risky than Haoxiangni Jujube. The stock trades about -0.03 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 839.00 in Haoxiangni Jujube Co on October 30, 2024 and sell it today you would earn a total of 93.00 from holding Haoxiangni Jujube Co or generate 11.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Haoxiangni Jujube Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Haoxiangni Jujube |
Sanbo Hospital and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Haoxiangni Jujube
The main advantage of trading using opposite Sanbo Hospital and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.| Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. Kweichow Moutai Co | Sanbo Hospital vs. PetroChina Co Ltd | Sanbo Hospital vs. Bank of Communications |
| Haoxiangni Jujube vs. Bank of Communications | Haoxiangni Jujube vs. Shanghai V Test Semiconductor | Haoxiangni Jujube vs. Union Semiconductor Co | Haoxiangni Jujube vs. Unisplendour Corp |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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