Correlation Between Sanbo Hospital and Jiangsu Xinning
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By analyzing existing cross correlation between Sanbo Hospital Management and Jiangsu Xinning Modern, you can compare the effects of market volatilities on Sanbo Hospital and Jiangsu Xinning 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 Jiangsu Xinning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Jiangsu Xinning.
Diversification Opportunities for Sanbo Hospital and Jiangsu Xinning
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Jiangsu is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Jiangsu Xinning Modern in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinning Modern 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 Jiangsu Xinning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinning Modern has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Jiangsu Xinning go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Jiangsu Xinning
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 0.7 times more return on investment than Jiangsu Xinning. However, Sanbo Hospital Management is 1.43 times less risky than Jiangsu Xinning. It trades about -0.14 of its potential returns per unit of risk. Jiangsu Xinning Modern is currently generating about -0.17 per unit of risk. If you would invest 4,775 in Sanbo Hospital Management on October 25, 2024 and sell it today you would lose (360.00) from holding Sanbo Hospital Management or give up 7.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Jiangsu Xinning Modern
Performance |
| Timeline |
| Sanbo Hospital Management |
| Jiangsu Xinning Modern |
Sanbo Hospital and Jiangsu Xinning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Jiangsu Xinning
The main advantage of trading using opposite Sanbo Hospital and Jiangsu Xinning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Jiangsu Xinning 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 Jiangsu Xinning will offset losses from the drop in Jiangsu Xinning's long position.| Sanbo Hospital vs. Agricultural Bank of | Sanbo Hospital vs. Industrial and Commercial | Sanbo Hospital vs. Bank of China | Sanbo Hospital vs. China Construction Bank |
| Jiangsu Xinning vs. Anhui Transport Consulting | Jiangsu Xinning vs. Guangdong Jingyi Metal | Jiangsu Xinning vs. Jinhe Biotechnology Co | Jiangsu Xinning vs. Hangzhou Arcvideo Technology |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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