Correlation Between Sanbo Hospital and Beijing Scitop
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By analyzing existing cross correlation between Sanbo Hospital Management and Beijing Scitop Bio, you can compare the effects of market volatilities on Sanbo Hospital and Beijing Scitop 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 Beijing Scitop. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Beijing Scitop.
Diversification Opportunities for Sanbo Hospital and Beijing Scitop
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sanbo and Beijing is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Beijing Scitop Bio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Scitop Bio 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 Beijing Scitop. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Scitop Bio has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Beijing Scitop go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Beijing Scitop
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.45 times more return on investment than Beijing Scitop. However, Sanbo Hospital is 1.45 times more volatile than Beijing Scitop Bio. It trades about 0.02 of its potential returns per unit of risk. Beijing Scitop Bio is currently generating about 0.0 per unit of risk. If you would invest 4,746 in Sanbo Hospital Management on September 14, 2024 and sell it today you would earn a total of 69.00 from holding Sanbo Hospital Management or generate 1.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Beijing Scitop Bio
Performance |
| Timeline |
| Sanbo Hospital Management |
| Beijing Scitop Bio |
Sanbo Hospital and Beijing Scitop Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Beijing Scitop
The main advantage of trading using opposite Sanbo Hospital and Beijing Scitop positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Beijing Scitop 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 Beijing Scitop will offset losses from the drop in Beijing Scitop's long position.| Sanbo Hospital vs. Shenzhen MYS Environmental | Sanbo Hospital vs. AVIC Fund Management | Sanbo Hospital vs. Shenzhen Bingchuan Network | Sanbo Hospital vs. Penghua Shenzhen Energy |
| Beijing Scitop vs. Industrial and Commercial | Beijing Scitop vs. China Construction Bank | Beijing Scitop vs. Bank of China | Beijing Scitop vs. Agricultural Bank of |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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