Correlation Between Sanbo Hospital and Winner Medical
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By analyzing existing cross correlation between Sanbo Hospital Management and Winner Medical Co, you can compare the effects of market volatilities on Sanbo Hospital and Winner Medical 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 Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Winner Medical.
Diversification Opportunities for Sanbo Hospital and Winner Medical
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sanbo and Winner is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner 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 Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Winner Medical go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Winner Medical
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to under-perform the Winner Medical. In addition to that, Sanbo Hospital is 1.37 times more volatile than Winner Medical Co. It trades about -0.16 of its total potential returns per unit of risk. Winner Medical Co is currently generating about 0.21 per unit of volatility. If you would invest 3,326 in Winner Medical Co on September 12, 2024 and sell it today you would earn a total of 394.00 from holding Winner Medical Co or generate 11.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Winner Medical Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Winner Medical |
Sanbo Hospital and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Winner Medical
The main advantage of trading using opposite Sanbo Hospital and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Winner Medical 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 Winner Medical will offset losses from the drop in Winner Medical'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 |
| Winner Medical vs. PKU HealthCare Corp | Winner Medical vs. Inspur Software Co | Winner Medical vs. Kingclean Electric Co | Winner Medical vs. Sanbo Hospital 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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