Correlation Between Sanbo Hospital and Fujian Boss
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By analyzing existing cross correlation between Sanbo Hospital Management and Fujian Boss Software, you can compare the effects of market volatilities on Sanbo Hospital and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Fujian Boss.
Diversification Opportunities for Sanbo Hospital and Fujian Boss
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Fujian is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Fujian Boss go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Fujian Boss
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.99 times more return on investment than Fujian Boss. However, Sanbo Hospital is 1.99 times more volatile than Fujian Boss Software. It trades about -0.13 of its potential returns per unit of risk. Fujian Boss Software is currently generating about -0.56 per unit of risk. If you would invest 4,976 in Sanbo Hospital Management on October 11, 2024 and sell it today you would lose (623.00) from holding Sanbo Hospital Management or give up 12.52% 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. Fujian Boss Software
Performance |
| Timeline |
| Sanbo Hospital Management |
| Fujian Boss Software |
Sanbo Hospital and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Fujian Boss
The main advantage of trading using opposite Sanbo Hospital and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' long position.| Sanbo Hospital vs. Shanghai Phichem Material | Sanbo Hospital vs. Northern United Publishing | Sanbo Hospital vs. GRIPM Advanced Materials | Sanbo Hospital vs. Duzhe Publishing Media |
| Fujian Boss vs. Anhui Tongguan Copper | Fujian Boss vs. Shanghai CEO Environmental | Fujian Boss vs. Sanbo Hospital Management | Fujian Boss vs. Harvest Fund Management |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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