Correlation Between Sanbo Hospital and Guangzhou Boji
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sanbo Hospital Management and Guangzhou Boji Medical, you can compare the effects of market volatilities on Sanbo Hospital and Guangzhou Boji 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 Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Guangzhou Boji.
Diversification Opportunities for Sanbo Hospital and Guangzhou Boji
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sanbo and Guangzhou is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical 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 Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Guangzhou Boji
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Guangzhou Boji. In addition to that, Sanbo Hospital is 1.08 times more volatile than Guangzhou Boji Medical. It trades about -0.18 of its total potential returns per unit of risk. Guangzhou Boji Medical is currently generating about 0.06 per unit of volatility. If you would invest 968.00 in Guangzhou Boji Medical on September 12, 2024 and sell it today you would earn a total of 34.00 from holding Guangzhou Boji Medical or generate 3.51% 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. Guangzhou Boji Medical
Performance |
| Timeline |
| Sanbo Hospital Management |
| Guangzhou Boji Medical |
Sanbo Hospital and Guangzhou Boji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Guangzhou Boji
The main advantage of trading using opposite Sanbo Hospital and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.| Sanbo Hospital vs. Cultural Investment Holdings | Sanbo Hospital vs. Gome Telecom Equipment | Sanbo Hospital vs. Holitech Technology Co | Sanbo Hospital vs. Zotye Automobile Co |
| Guangzhou Boji vs. Cultural Investment Holdings | Guangzhou Boji vs. Gome Telecom Equipment | Guangzhou Boji vs. Holitech Technology Co | Guangzhou Boji vs. Zotye Automobile Co |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |