Correlation Between Sanbo Hospital and Beijing Kaiwen
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By analyzing existing cross correlation between Sanbo Hospital Management and Beijing Kaiwen Education, you can compare the effects of market volatilities on Sanbo Hospital and Beijing Kaiwen 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 Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Beijing Kaiwen.
Diversification Opportunities for Sanbo Hospital and Beijing Kaiwen
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Beijing is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Beijing Kaiwen
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.29 times more return on investment than Beijing Kaiwen. However, Sanbo Hospital is 1.29 times more volatile than Beijing Kaiwen Education. It trades about 0.03 of its potential returns per unit of risk. Beijing Kaiwen Education is currently generating about 0.02 per unit of risk. If you would invest 4,029 in Sanbo Hospital Management on November 19, 2024 and sell it today you would earn a total of 973.00 from holding Sanbo Hospital Management or generate 24.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.76% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Beijing Kaiwen Education
Performance |
| Timeline |
| Sanbo Hospital Management |
| Beijing Kaiwen Education |
Sanbo Hospital and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Beijing Kaiwen
The main advantage of trading using opposite Sanbo Hospital and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| Sanbo Hospital vs. Shanghai V Test Semiconductor | Sanbo Hospital vs. Union Semiconductor Co | Sanbo Hospital vs. Guosheng Financial Holding | Sanbo Hospital vs. GRG Banking Equipment |
| Beijing Kaiwen vs. Chongqing Brewery Co | Beijing Kaiwen vs. Western Metal Materials | Beijing Kaiwen vs. Rongcheer Industrial Technology | Beijing Kaiwen vs. Shenzhen Zqgame |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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