Correlation Between Sanbo Hospital and Jinhe Biotechnology
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By analyzing existing cross correlation between Sanbo Hospital Management and Jinhe Biotechnology Co, you can compare the effects of market volatilities on Sanbo Hospital and Jinhe Biotechnology 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 Jinhe Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Jinhe Biotechnology.
Diversification Opportunities for Sanbo Hospital and Jinhe Biotechnology
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Jinhe is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Jinhe Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhe Biotechnology 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 Jinhe Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhe Biotechnology has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Jinhe Biotechnology go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Jinhe Biotechnology
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.22 times more return on investment than Jinhe Biotechnology. However, Sanbo Hospital is 1.22 times more volatile than Jinhe Biotechnology Co. It trades about 0.01 of its potential returns per unit of risk. Jinhe Biotechnology Co is currently generating about -0.02 per unit of risk. If you would invest 4,470 in Sanbo Hospital Management on October 26, 2024 and sell it today you would lose (30.00) from holding Sanbo Hospital Management or give up 0.67% 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. Jinhe Biotechnology Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Jinhe Biotechnology |
Sanbo Hospital and Jinhe Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Jinhe Biotechnology
The main advantage of trading using opposite Sanbo Hospital and Jinhe Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Jinhe Biotechnology 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 Jinhe Biotechnology will offset losses from the drop in Jinhe Biotechnology's long position.| Sanbo Hospital vs. Jinhe Biotechnology Co | Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Fuda Alloy Materials | Sanbo Hospital vs. Super Dragon Engineering Plastics |
| Jinhe Biotechnology vs. Beingmate Baby Child | Jinhe Biotechnology vs. FSPG Hi Tech Co | Jinhe Biotechnology vs. Zhejiang JIULI Hi tech | Jinhe Biotechnology vs. Heilongjiang Transport Development |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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