Correlation Between Sanbo Hospital and Chenzhou Jingui
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By analyzing existing cross correlation between Sanbo Hospital Management and Chenzhou Jingui Silver, you can compare the effects of market volatilities on Sanbo Hospital and Chenzhou Jingui 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 Chenzhou Jingui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Chenzhou Jingui.
Diversification Opportunities for Sanbo Hospital and Chenzhou Jingui
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Chenzhou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Chenzhou Jingui Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chenzhou Jingui Silver 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 Chenzhou Jingui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chenzhou Jingui Silver has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Chenzhou Jingui go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Chenzhou Jingui
Assuming the 90 days trading horizon Sanbo Hospital is expected to generate 1.13 times less return on investment than Chenzhou Jingui. In addition to that, Sanbo Hospital is 1.18 times more volatile than Chenzhou Jingui Silver. It trades about 0.09 of its total potential returns per unit of risk. Chenzhou Jingui Silver is currently generating about 0.12 per unit of volatility. If you would invest 363.00 in Chenzhou Jingui Silver on August 29, 2024 and sell it today you would earn a total of 29.00 from holding Chenzhou Jingui Silver or generate 7.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Chenzhou Jingui Silver
Performance |
| Timeline |
| Sanbo Hospital Management |
| Chenzhou Jingui Silver |
Sanbo Hospital and Chenzhou Jingui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Chenzhou Jingui
The main advantage of trading using opposite Sanbo Hospital and Chenzhou Jingui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Chenzhou Jingui 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 Chenzhou Jingui will offset losses from the drop in Chenzhou Jingui's long position.| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic Technology |
| Chenzhou Jingui vs. Hubei Dinglong Chemical | Chenzhou Jingui vs. Ningxia Younglight Chemicals | Chenzhou Jingui vs. Shaanxi Meineng Clean | Chenzhou Jingui vs. Shandong Polymer Biochemicals |
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 CEOs Directory module to screen CEOs from public companies around the world.
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