Correlation Between Sanbo Hospital and Marssenger Kitchenware
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By analyzing existing cross correlation between Sanbo Hospital Management and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Sanbo Hospital and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanbo Hospital and Marssenger Kitchenware.
Diversification Opportunities for Sanbo Hospital and Marssenger Kitchenware
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanbo and Marssenger is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Sanbo Hospital Management and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Sanbo Hospital i.e., Sanbo Hospital and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Sanbo Hospital and Marssenger Kitchenware
Assuming the 90 days trading horizon Sanbo Hospital Management is expected to generate 1.39 times more return on investment than Marssenger Kitchenware. However, Sanbo Hospital is 1.39 times more volatile than Marssenger Kitchenware Co. It trades about -0.12 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about -0.34 per unit of risk. If you would invest 4,880 in Sanbo Hospital Management on October 12, 2024 and sell it today you would lose (549.00) from holding Sanbo Hospital Management or give up 11.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanbo Hospital Management vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Sanbo Hospital Management |
| Marssenger Kitchenware |
Sanbo Hospital and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanbo Hospital and Marssenger Kitchenware
The main advantage of trading using opposite Sanbo Hospital and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanbo Hospital position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's 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 |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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